An Anonymous Bank Executive Speaks Up

I was tipped off to an article late last month, but I neglected to blog about it right away. So this article is a little behind the times, but an interesting article nonetheless. An anonymous executive in the banking industry sent an email to the writer and allowed the NYT to publish the article.

New York Times Article

I’ve known that credit card companies had shady practices. For some reason, we had (and still have) more credit limit available to us than our annual income. That doesn’t compute in my mind. Even if we have cards from different companies, they all have the ability to check a credit report to see limits. They were definitely enablers when it came to our credit card debt. We still used that available credit to the max, so we do take most of the blame.

I agree 100% with the anonymous executive when they say that there should be an opt-in number versus and opt-out number. Opting out doesn’t even work all of the time and I’m sick of all the wasted paper. Not to mention the electricity to run our paper shredder.

Thanks, Dasha for the tip!

Posted by Tricia on December 22, 2008 at 1:18 AM in Credit Cards | 4 Comments »
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Ian responded:
Posted: December 22nd, 2008 at 11:45 am
I think so many have focused on the banks and the mortgage mess, that this banker is trying to make people realize there is still more fallout coming as no one has delt with this aspect of the economy yet.

Thanks for Sharing!
dasha responded:
Posted: December 22nd, 2008 at 7:20 pm
you are very welcome!
JW Thornhill responded:
Posted: December 22nd, 2008 at 8:05 pm
Thanks for posting this article. This proves once again that the greedy practices of the credit card industry still permeates the major of American banks.
Da Big D responded:
Posted: December 23rd, 2008 at 7:32 pm
I have said it before, and feel compelled to say it again. Banks are in business to make money, and if we as consumers fall too much into debt, its our own fault as consumers. No one makes us spend the money, we do it to ourselves.