"Free Money"
I think the story linked below epitomizes the attitude towards credit that helped drive the bubble:
http://www.wisn.com/news/14697601/detail.html
The end result wasn't much different either:
The big difference, of course, is that there isn't a resale market inside a Kmart. With no way to paper over the inevitable losses, the bank pulled the plug a lot quicker.
http://www.wisn.com/news/14697601/detail.html
Two employees confirmed for police that anyone who applied was being given instant credit -- from $850 up to $4,000. They also told police that people started calling other people to the store for so-called free money. The store ran out of credit applications.
The end result wasn't much different either:
The store did put a stop to it, though. There are signs on the door saying it is not processing credit card applications at this time.
The big difference, of course, is that there isn't a resale market inside a Kmart. With no way to paper over the inevitable losses, the bank pulled the plug a lot quicker.
Comments
I guess I should use some of my 'free money' to buy boxing gloves so I'll be ready next year when my limits go up again.
Hooyah!
If you don't want to get the mail, try the steps below. It does reduce the number of credit card offers you get.
http://www.ftc.gov/bcp/conline/pubs/cre ... creen.shtm
Can I reduce the number of unsolicited credit and insurance offers I get?
If you decide that you don't want to receive prescreened offers of credit and insurance, you have two choices: You can opt out of receiving them for five years or opt out of receiving them permanently. Call toll-free 1-888-5-OPTOUT (1-888-567-8688) or visit http://www.optoutprescreen.com for details. The telephone number and website are operated by the major consumer reporting companies. When you call or visit the website, you'll be asked to provide certain personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.
Remember that if you have joint credit relationships, like a mortgage or a car loan with a spouse, partner, or other adult, you may continue to receive some prescreened solicitations until both of you exercise your opt-out right.