Tuesday, February 13, 2007

BofA issuing credit cards to anyone who breaths

Still think credit cards are not abusive by intent? InsideARM.com, a website supporting the collection industry, reports that Bank of America is issuing credit cards to illegal immigrants. Here is a quote from the article:

Quietly, and without much fanfare, Bank of America has implemented a program
offering credit cards to customers without a social security number. This courting of the undocumented isn’t new. In recent years, banks and lending institutions nationwide have offered checking accounts and, at least, once upon a time, before the housing bubble burst, mortgages. What undocumented citizens haven’t been able to do easily, if at all, is procure credit cards. No credit cards mean, usually, limited or no credit history – severely limiting the purchasing power of the undocumented

The credit cards in this new program at Bank of America start with an interest rate of 21 or 22 percent interest rate. These poor immigrants don't have the sophistication to realize that these interest rates can quickly undermine their ability to provide for their basic needs. Not only is this program abusing the poor, it is seeking to aid people in breaking the immigration laws.