Credit Card Industry Debt Articles

Credit Cards Becoming Available Again for High Risk Consumers

I’ve been saying it all along through this financial crisis, as soon as the banks feel comfortable with their ability to manage their risk they will be back to extending credit again to high risk consumers. And I’ve also been saying that while consumer savings rates are high now, all it will take is credit card offers and increasing consumer confidence to lead people back into deep debt.

In a New York Times article today, more subprime offers appear to be landing in mailboxes of consumers that have been recently ignored. Credit card companies like Capital One HSBC, Citigroup and Discover have really ramped up their offer mailings.

Credit card offers are surging again after a three-year slowdown, as banks seek to revive a business that brought them huge profits before the financial crisis wrecked the credit scores of so many Americans.

Citigroup is testing a credit card with training wheels, known as CitiMax, devised for customers whose credit was damaged by the recession. Borrowers are required to link their credit card account to a checking, savings or brokerage account so that Citi can withdraw money if a payment is missed.

Read the entire article here.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


READ  Verve Credit Card, Cerulen Credit Card, and Matrix Credit Card Users to Get Millions



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Leave a Comment

Scroll to Top