21st
How to put consumers in debt 101:
1. Give them a mortgage
2. Automatically give them an additional home equity line of credit
3. Then send them credit cards which allow them “easy-to-use” of the line of credit.
So we got a mortgage through BOA. When we signed the papers there was this $200k line of credit. I said that I did not want it and the broker said, “It is free just keep it”. I said no and signed special papers to not have it, I do not want or need debt. Obviously BOA systems did not pick this up so I received their standard mailer with 2 credit cards attached to the line of credit. This is one reason why the US is in such a shitty situation right now, debt is too easy to take on.
However the real blame still goes to the person that uses this credit card and puts themselves into debt without understanding the ramifications.
