Yesterday's Boston Globe featured an article revealing that credit card companies have begun targeting subprime mortgage holders with new credit card offers! The "rationale" is that if homeowners can't refinance to get quick cash, then they'll use their credit cards instead.
As counter-intuitive as it sounds, credit card companies are quite fond of subprime mortgage holders who can't meet their monthly obligations, says the Globe. (This is because they're likely to make only the minimum payments on their bills, allowing the credit issuers to (hopefully)collect big interest fees.)
Read more here.
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