Somali Pirates Are a Good Credit Risk. Maybe They Need An American Express Card?

The hijacking and hijinks of the pirates in Somalia have been in the news. Apparently a new home based business has sprung up off the coast of Somalia as armed pirates board shipping vessels and hold the ship and crew for ransom.

The hijackers have a favorite part of the coast to park their ships while they await the ransom to be dropped from the sky, in cash. On last count there were 13 ships parked and awaiting ransom to be paid.

The new pirate business is improving the money generated by local merchants on shore. Each day supply vessels come to shore to by new supplies for the pirates and their hostages. Small businesses have no problem extending credit to the pirates since they are paid in full once the ransom is delivered. Best yet, the pirates pay their bills in cash.

One local merchant said she is so confident in the pirates, she instituted a layaway plan just for them.

“They always take things without paying and we put them into the book of debts”. “Later, when they get the ransom money, they pay us a lot.”

I guess the pirates have just not figured out they could get reward credit cards to use to pay for hostage goodies. That way they’d get free air miles without blackout dates.

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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.
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