Thursday, March 27, 2008

Creditcard Issued to a Tree

With all the talk these days about how irresponsible creditcard holders are with their irresponsible spending, running up large balances and tripping the "universal default" clause, we don't often hear about how irresponsible the banks are, and how we are manipulated by the system. There is a new documentary film out you should see about this.

A story confirmed on Snopes tells us about how a creditcard was issued to a tree called "Don't Waste A Tree". How does the creditcard company screen applicants? Or do they? As a parent, it is vital that we monitor our children's credit reports to make sure they aren't issued a creditcard. There have been cases, cited in Robert Manning's book "Credit Card Nation", where creditcard companies have attempted to sue parents for their children's debt when the parents were completely unaware of the account. He also tells of a case where a law student committed suicide because of the pressures of his creditcard debt, and complaints to colleges and legislators for the numerous documented cases like this are ignored.

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