No. of Recommendations: 4
Annie and I worked together at Capital One for three years. For a few months, I was her boss. I oversaw the bank’s “secured card” product—a credit card marketed to people whose credit is so bad they can’t get a credit limit of $300 at a 27 percent interest rate without putting down a security deposit. Ironically, at Capital One, the more of a positive-energy type you were, the more likely it was that you’d work in the subprime division. There, people like Annie and myself reasoned, the choices you made could, hypothetically, make things easier for struggling families. We told ourselves that such families likely didn’t have any better lending options. And for poor, under-banked households, many lending options are far worse than Capital One.

The real question, of course, isn’t whether a credit card with a 27 percent interest rate and a $39 late fee is better than a payday loan. It’s whether Capital One’s marketing campaigns push people into debt who would have otherwise avoided it; whether it is actually in a person’s best interest, desperate though they may be, to borrow money at an exorbitant rate; and whether this enterprise is ethically defensible—in particular, for the decent, hard-working employees who toil every day to make Capital One’s mercenary strategy a reality. Because the ugly truth is that subprime credit is all about profiting from other people’s misery.

https://newrepublic.com/article/155212/worked-capital-one-fi...

Fuskie
Who thinks the only difference between subprime credit companies and loan sharks is that the credit card companies send your debt to collections instead of sending sending Guido to your home...

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