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Proud_Mexicana's Blog

by Proud_Mexicana from Texas

Last Post 125 days, 7 hours Ago

Are credit cards fair to everyone?

Aug 9, 2008 | 1:47 PM
Category: News

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Latino consumers have limited access to mainstream credit cards with fair terms such as a low annual percentage rate. More Latino consumers are carrying balances and accumulating debt and are more susceptible to harmful credit card practices like default penalty rates and high-cost fees with late payments and purchases made outside the U.S.

The ability of Hispanic families to build the wealth necessary for long-term stability is also decreased. Actions by Congress and the credit card industry can improve financial opportunities for all Americans.

Good credit card related policies would help consumers ban unfair industry practices and promote access to safe and affordable credit cards for Latinos.

50 Comments | Add a Comment

Aug 9, 2008 | 2:57 PM

Hmmm seems to me that low percentage rates and so on are due to having great credit and a spotless record and a stable income.

NORTHTX

Aug 9, 2008 | 3:27 PM

I worked with someone who had to file bankruptcy because they took every preapproved credit card that was sent to them back in the day. Having a credit card should be a earned privilege, not a right regardless of a person's race.

Why should Latinos have better access to a lower rate than any other race? What about whites/blacks/green/yellows/purples that are just starting out in life and need things?

RedRiver

Aug 9, 2008 | 3:34 PM

Why are you calling them "Latino" ? If they are from Mexico, they are Mexican. Why don't you call yourself Proud_Latino ? They should have to build their credit the same way as the rest of us. You sound like Mexicans deserve a cheaper interest rate with little or no credit history. There is nothing special about you or other Mexican people. You should have the same rules as the rest of us. Try to abide by those rules and quit whining about everything.

luvmykid

Aug 9, 2008 | 4:13 PM

You have to have a good social security number to get a credit card. Alot of tax places are allowing illegal mexicans to go and file for a "IRS only SS#" and these illegals are using them to get bank loans and credit cards.

The problem here is that these businesses are allowing them to use them knowing that they are only to be used for IRS purposes.

They should not be allowed credit cards because once they jack that one up, they will just change their name and number and get more.

Proud_Mexicana

Aug 9, 2008 | 4:29 PM

How much do people complain about Latinos taking the jobs? Or their kids scholarships because they got bad grades in school and blame Latinos for it? So don't even try telling me like that.

cowboyswife58

Aug 9, 2008 | 4:47 PM

I have never complained about Latino's.
It's alway's the illiterate Mexican's ...like the one's that have no understanding of how a credit report work's.

RedRiver

Aug 9, 2008 | 4:51 PM

I agree with luv.They will charge up the credit cards, then the rest of us will have to pay their bills. I think the American people have underwritten the illegals long enough ! It's time for them to take responsibility for their own actions.

RedRiver

Aug 9, 2008 | 4:54 PM

I have to be fair here. I also know a lot of white people who have no clue about money. I know of one man who actually thinks as long as he has checks, he has money in the bank. People would not mind illegals so much if the government did not give them everything for free, at our expense.

NORTHTX

Aug 9, 2008 | 4:57 PM

"More Latino consumers are carrying balances and accumulating debt and are more susceptible to harmful credit card practices like default penalty rates and high-cost fees with late payments and purchases made outside the U.S."

This is not just true for Latinos. It is true for everyone. You miss a payment, pay one late, the credit card company raises the rate. Hey, if I loaned someone money and they didn't pay me, think I would keep giving them more. Not on your life!! Would you? I think not.

Red, in all fairness, he didn't say anything about illegals, but I will admit that it would be very easy for them to run up bills on lots of cards, and head back to THEIR motherland to never hear from a debt collector.

Proud_Mexicana

Aug 9, 2008 | 4:57 PM

Credit card companies target Latinos and charge them the high rates and penalty's. This practice needs to change and they will take resposibility for your info RedRiver.

luvmykid

Aug 9, 2008 | 5:13 PM

And, PM, how many of those companies and banks "targeting" "latinos" are owned by "latinos"?

luvmykid

Aug 9, 2008 | 5:15 PM

The are even opening up banks from Mexico here. There are a few over near Bachman Lake that only cater to mexicans and their money and transfers.

luvmykid

Aug 9, 2008 | 5:18 PM

"they" (firt word)

luvmykid

Aug 9, 2008 | 5:18 PM

(FIRST word) sorry....lol

Proud_Mexicana

Aug 9, 2008 | 5:30 PM

La Raza has put some of these banks in the spotlights and Latino banks have started to open up with equal and fair rates for everyone not just Latinos.

luvmykid

Aug 9, 2008 | 5:32 PM

those banks do all of their business in spanish only. Their signs and ATMs are in spanish only.

tdelatte

Aug 9, 2008 | 5:51 PM

In reality, credit card companies target ALL low-income people. They don't discriminate by race or nationality.

Has anyone been near college campus lately? Credit card companies are like vultures at football games.

Proud_Mexicana

Aug 9, 2008 | 5:57 PM

tdelatte is right they target those that are the low-income and young people. They just want to make more money and it makes me sick! They know they have a harder time paying them back so they get more in interest payments.

luvmykid

Aug 9, 2008 | 6:05 PM

so, we agree then, it's not only latinos.

Proud_Mexicana

Aug 9, 2008 | 6:11 PM

I never said it was only Latinos. I never said any thing about illegals. you came up with that luvmykid.

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Proud_Mexicana

Proud Mexican American

Member Since: 4/15/2008

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