Ex-Credit Card Bankers: "Every Customer Who Calls In Is A Mark. It's A Great Big Con."

Ex-Credit Card Bankers: "Every Customer Who Calls In Is A Mark. It's A Great Big Con."

CNN has an interview with two former credit card bankers who are admitting that their job was to get consumers to max out their credit cards and take on as much debt as possible, regardless of the customer’s ability to afford it. They both worked for MBNA at their “sprawling consumer call center in Belfast, Maine.” The bankers say that they were told to aggressively push cash advances, and were trained to convince consumers that they needed the maximum amount of debt at the highest interest rate.

http://consumerist.com/2008/02/08/new-legislation-in-colorado-threatens/

New legislation in Colorado threatens to put a cap on payday lending.

Maxed Out's Bombshells: 1. Wells Fargo Funds Payday Loan Chains 2. Celebrities Get VIP Credit Report Treatment

Maxed Out's Bombshells: 1. Wells Fargo Funds Payday Loan Chains 2. Celebrities Get VIP Credit Report Treatment

While we chided Maxed Out for not discussing consumer self-empowerment, the movie did make two very interesting claims:

PayDay Loans Are Awesome

PayDay Loans Are Awesome

We tripped up over this little gem dropped in the payday loan industry’s press conference held on Wed Feb 21st – which attended by remote telephone (neat!).