Respected Credit Provider,
You would agree with me if I say things aren’t as smooth as they were before the financial crisis. Sometimes, however, I wonder about how you choose to lend money to some and reject others. Previously, I was a strong supporter of borrowing money and using it to prevent temporary financial problems. While I haven’t altered my opinions about borrowed money, I have started reconsidering whether the credit provider, which means you, deserve the support and respect offered by us, people in the US.
You would also support my opinions when I say there are numerous people in foreclosure processing, and many are about to face this terrible event. I still wonder how you choose whom you are going to lend your money or the mortgage you underwrite. While lending money to these people a couple of years ago, didn’t you sense that how will repay your loan? Risky people, with probably low credit score and even lower income, were given loan with double-digit interest rates. Some had their monthly mortgage repayment amount higher than half their income. Did you really think they would repay consistently and on time?
Another weird thing I think about is the way you select people to market your products especially credit cards. Do you send pre-approval letters to anyone and everyone on your marketing list? I occasionally have a good laugh when I hear pre-approval letters are being sent in the names of deceased people, children (small babies), and even pets. Jokes apart, but do you really verify any kind of information before sending out such letters? I doubt it.
As I mentioned earlier, respected card provider, that credit was once, around 2 years ago. Considered to be a beneficial financial tool that provided people the strength to fight inadequate supply of funds. In the recent period, however, you have succeeded in changing your reputation and proving yourself to be one of the greedy animals people have ever come across.
Don’t you really think many of your methods are ethically wrong? You provide credit to people who haven’t asked for it and they sink deeper into debt hole where they don’t have much to do except die. You charge unexpected fees and increased interest rates… oh, that reminded me of the new credit card law. I am sure though, you might have already derived many other ways to burgle people who respect and need you.