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We could be heading for another recession as prices for food and essentials continue to rise.
Credit card companies are exploiting consumers by offering initial long periods of free interest, followed by cripplingly high rates after the bonus period.
The peak for credit card balances was 6 billion in the fourth quarter of 2008.
Credit cards for subprime borrowers experienced the fastest rate of growth of any group in the last two years, said Paul Siegfried, senior vice president and credit card business leader for Trans Union.
The rebound in credit card access — and credit card debt — has been fueled, in part, by lenders easing credit to higher-risk consumers now that the economy and jobs picture have improved. Credit card balances increased to 9 billion in the fourth quarter last year, up by billion or 4.3% from the third quarter last year, according to the Federal Reserve Bank of New York.
Virgin’s promotional campaign acknowledges the group’s proud outsider stance, encouraging consumers to “put a little bit of rebellion in their pocket.” “In launching these cards, we wanted to celebrate Virgin’s heritage and difference,” explains Michele Greene, the bank’s director of cards.
“The Sex Pistols challenged convention and the established ways of thinking – just as we are doing today in our quest to shake up U. banking.” Of course, as longtime Pistols fans are well aware, frontman John Lydon has always flown his punk flag by doing whatever he wants — up to and including celebrity endorsement deals that include his widely derided stint as a butter pitchman. I don’t remember writing a contract saying I must not advertise.
And, by the way, I do eat butter,” he sneered last year.
About 16.33 million consumers who have a credit card are in the subprime risk tier — defined as a score of 600 or less using the Vantage Score 3.0 risk model.
That's up 2.32 million consumers since the first quarter of 2015.
My generation, the baby boomers, are largely unaffected.