At what point do creditors cross the line? It’s pretty obvious that the current financial crisis and economic down turn has began forcing changes in lending practices and policy but there has to be some limitations to what lenders can and should do. In the United States we are losing somewhere around a quarter million jobs a month which is a direct affect of the current recession. In the darkness of this timid economy there is still a very large number of people who are paying their bills and holding their jobs. This brings me to my next question, should responsible individuals be punished for irresponsible borrowing and lending practices?
Just over three years ago I opened a credit account with an online Tire company and throughout those 36 months I have never made a late payment, my balance has never exceeded 50% of the credit limit, and I have always paid more than the minimum payment. Unless I’m being ignorant I would be inclined to think that this account history would put me in the category of a reliable and valued customer. At this point you may know where I’m going with this.
I had a reasonable day yesterday, didn’t encounter any rude customers, didn’t have to flip anyone off on the interstates, didn’t receive any unwanted phone calls, but that all changed when I got home. I received a letter yesterday that struck me as a little odd, it was from one of my creditors but wasn’t dressed in the usual packaging. If you have a stomach that is easily upset please stop reading this article immediately.
