Give Me Some Credit! (Updated)



I noticed long ago that I get a lot of credit card offers. Beyond the standard junk mail and insurance offers (probably a topic for another post), credit card offers come weekly. But what really started to catch my eye was that it was the same offer, over and over again: Barclay Card, Capitol One and Discover. I would make a joke of it, "Look! An offer for Barclay Card!" So, I decided to start collecting them, to see how often they really do come. I started this project in early March, and the stack of offers is so high, I'm declaring an end to it. Here are my findings:



Barclay Card: 16 offers
Discover Card: 13 offers
Capitol One: 19 offers
Grand total: 38 credit card offers from three companies in 6 months

This is (with the exception of just a couple from Capitol One) all for one person in our household! These mailers are heavy, high quality printing, and in the case of Discover, glossy. They are not cheap to produce, and cannot be cheap to mail. How much money do credit card companies spend, saturating the market with these mailers?





ORIGINAL POST, 6/20/14:


The Other Half and I have each had our troubles with credit in our lives, thankfully at separate times, and also thankfully in the distant past. But I'm amazed at how much the credit card companies want our business. After years of offers, about six weeks ago, I decided to start collecting the offers, just to see how often they really come. To date: 5 Capital One Card, 5 Barclay Card, 3 Discover Card. In all, 13 offers from three companies in six weeks. Even more odd, only one was for me! I guess I've been out of debt so long, they don't think I'm interested any more?

But keep this in mind, next time you wonder why your interest rates are so high: how much money are they spending on these repeated, excessive, expensive, glossy mailers?

Give Me Some Credit!

Click to embiggen

The Other Half and I have each had our troubles with credit in our lives, thankfully at separate times, and also thankfully in the distant past. But I'm amazed at how much the credit card companies want our business. After years of offers, about six weeks ago, I decided to start collecting the offers, just to see how often they really come. To date: 5 Capital One Card, 5 Barclay Card, 3 Discover Card. In all, 13 offers from three companies in six weeks. Even more odd, only one was for me! I guess I've been out of debt so long, they don't think I'm interested any more?

But keep this in mind, next time you wonder why your interest rates are so high: how much money are they spending on these repeated, excessive, expensive, glossy mailers?

Sen. Elizabeth Warren Schools CNBC Hosts

Image from source, Talking Points Memo

I love this woman. She's made of awesome, smart, calm, collected. . .and is a Democrat that can work with John McCain? This is presidential timber we're dealing with.

[Excerpt]

Ouch, Better CNBC Anchors Might Be Required
If you’re an Elizabeth Warren fan or really if you’re just into facts, you gotta watch this . . .

Source: Talking Points Memo

After Spending $9 Million To Defeat Her, Wall Street Watches Sen-Elect Warren Join Banking Committee

I pulled the entire quote from the article excerpted below, because it made me laugh out loud. A hearty Nelson Muntz Ha-ha! to Wall Street! And a heartier you go girl! to the wonderful Elizabeth Warren!

Image from ZD-Net

[Excerpt]

After Spending $9 Million To Defeat Her, Wall Street Watches Sen-Elect Warren Join Banking Committee

Get 'em, Liz! Image from source.

The Huffington Post’s Ryan Grim reported Tuesday that Sen.-elect Elizabeth Warren, a dogged consumer advocate whose critique of Wall Street excess was a centerpiece of her campaign, will join the Senate Banking Committee. Wall Street spent boatloads of money to prevent Warren’s election, but now, as the Center for Responsive Politics noted, she will have oversight of the rules and regulations under which banks operate. . .

Read more at: Think Progress

Michael Moore's Call to Action after Wisconsin Vote

Michael Moore was scheduled to be on The Rachel Maddow Show on Wednesday, before the surprise vote by the Wisconsin GOP had even happened. But it was good timing. In the clips below, you'll find the initial video footage of protesters in Madison, now re-energized. And right after, Michael Moore gives an impassioned plea for America to rise up and say, no more. It's good stuff. Now, will we do it?

Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

Breaking News: Washington Mutual (WaMu) Seized

Image from source, MSNBC

And the big banks keep on failing. I think Washington Mutual is the very definition of "too big to fail." Amazing. . .

[Excerpt]

Government seizes WaMu, sells some assets

Largest bank failure in U.S. history; JPMorgan buys $1.9B in WaMu assets

JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market. . .

Read more at: MSNBC

Financial Woes Hitting Las Vegas

The other day while driving home, I had the local Las Vegas talk radio station on. Why? I dunno. Host Casey Hendrickson was interviewing national host Mark Levin, so the fact that I stayed tuned in took a lot of restraint. Levin asked the local host if it was true that the economy was bad in Vegas. Hendrickson said, oh you hear that we're the foreclosure capital of the US, but hey, massive building is still happening at the strip, and the hotels were all full. Hendrickson implied that it was really all overblown.

Then, on Friday, Boyd Gaming Group halted building on the massive new Echelon project. Sitting on the former grounds of the Stardust, Echelon is one of those multi-use properties, with boutique hotels, shopping, casinos, condos, and more. It's partially done, but because of the economic downturn, it is being completely shut down for at least a year. 800 people were laid off.

On top of that, the 1st National Bank of Nevada closed its doors a couple of weeks ago, but was fortunately snapped up by Mutual of Omaha. But a second bank has now failed, Silver State. That bank counted John McCain's son as a board member until a few days ago, until he resigned due to "personal reasons." Curiously, this has gotten little play from the national media.

I have no doubt that Las Vegas will weather the storm, and come back bigger than ever. But when will the rosy glasses view expressed by right-wing talk radio come down to earth?

Links:

KTNV: Economy Delays Construction On Echelon

Las Vegas Sun: Foreclosure central; Neighborhoods need protection in light of area’s leading foreclosure rate

Times Online UK: Nothing local about the First National Bank of Nevada

Las Vegas Now: John McCain's Son Resigns from Henderson Bank Board

Las Vegas Now: Another Local Bank in Trouble

Thanks once again to Stupid Monkey Planet for the inspiration and some of the links for this post.

Indy Mac: Never Heard of it, but This Sounds Bad

Photo from source, LA Times

Runs on banks were taught to us back in social studies classes, along with trust busting, robber barrons and such. More and more, current American news resembles my old elementary and junior high school history lessons.

Republicans are currently still holding onto deregulation and corporate allegiences. The economy gets worse and worse. Mergers and corporate conglomerations are of no concern, and in the interest of a "free market." But does anyone else see parallels to early 20th century capitalism run amok? This is starting to look like a case of "history repeating."

[Excerpt]

IndyMac Bank seized by federal regulators

The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door. . .

Read more at: Los Angeles Times