Credit card issuers entice Americans farther and farther into debt


	Credit card issuers entice Americans farther and farther into debt

Spiritualmonkey

7-22-2008 1:08 PM

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tags:

economics, debt, consumerism, corporatism

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/61c43bdf-4a27-494e-9974-f69bcbb53fa0/C8BBE189-8CE7-4475-AAB7-67624C8F3EC5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all" href="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all"><P>While the circumstances surrounding these downfalls vary, one element is identical: the lucrative lending practices of America’s merchants of debt have led millions of Americans — young and old, native and immigrant, affluent and poor — to the brink. More and more, Americans can identify with miners of old: in debt to the company store with little chance of paying up.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all"><P>“Today the focus for lenders is not so much on consumer loans being repaid, but on the loan as a perpetual earning asset,” said Julie L. Williams, chief counsel of the <A title="More articles about Comptroller of the Currency" href="http://topics.nytimes.com/top/reference/timestopics/organizations/c/comptroller_of_the_currency/index.html?inline=nyt-org">Comptroller of the Currency</A>, in a March 2005 speech that received little notice at the time. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all"><P>But with so many borrowers in trouble, some bankruptcy experts and regulators are beginning to focus on the responsibilities of lenders, like requiring them to make loans only if they are suitable to the borrowers applying for them. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/07/20/business/20debt.html?ei=5087&em=&en=0409650470deb162&ex=1216872000&pagewanted=all">Eliminating negative feelings about indebtedness was the idea behind <A title="More information about Mastercard International Inc" href="http://topics.nytimes.com/top/news/business/companies/mastercard-inc/index.html?inline=nyt-org">MasterCard</A>’s “Priceless” campaign</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C8BBE189-8CE7-4475-AAB7-67624C8F3EC5/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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