fraud will go up with unemployment

robert.loehmann · 04:30 PM

To put food on the table I am sure some will resort to claiming their card was stolen and the charges weren't theirs. In the county over from my across the state line in Michigan unemployment is at around 25% now. How many of those residents will start claiming that their cash advances and grocery charges on the bill aren't theirs? I think it will happen and that will hurt the finance sector more.

magyar1045 · 05:02 PM

Throughout history desperate times have always led to desperate actions to survive. Look at credit card companies when more and more people default. To make money so the bank execs can fly in their private jets banks are increasing their interest rates to loanshark levels on even the best of customers.

fffresh · 01:05 PM

The credit card division of banks has been the one profitable division during this credit crunch. In turn, many of the bank conglomerates have upped their credit card interest rates in order to pick up the slack from their other divisions which are under-performing.

This is why I do not prefer to use credit cards issued by diversified banks such as Bank of America, Citi, which have consumer banking, commercial banking, mortgages, credit cards, investment banking, and so forth all under one roof. For your credit card it is better to stick with either American Express or Discover since almost all of their revenue is derived from credit cards, they do not need to squeeze customers in order to cover other divisions.

Cucumber · 11:32 PM

I was at a store today and two different people tried walking out the door with stuff they "forgot" in their bags.

Today I wonder how much fraud was done? Thieves I'm sure took advantage of the hectic shopping today by trying to get a piece of it.

Multi-Purpose · 08:28 AM

In this case then if 1 in 8 store credit cards will be defaulted on as mentioned in another post on Credit Card Forum we can only imagine how many of those folks will suddenly decide the charges are not theirs in a lame attempt to skip the bill.

04:30 PM	#1
robert.loehmann Gold Member Join Date: Aug 2008 Location: Toledo, Ohio Posts: 28	fraud will go up with unemployment To put food on the table I am sure some will resort to claiming their card was stolen and the charges weren't theirs. In the county over from my across the state line in Michigan unemployment is at around 25% now. How many of those residents will start claiming that their cash advances and grocery charges on the bill aren't theirs? I think it will happen and that will hurt the finance sector more.

11:32 PM	#4
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 453	I was at a store today and two different people tried walking out the door with stuff they "forgot" in their bags. Today I wonder how much fraud was done? Thieves I'm sure took advantage of the hectic shopping today by trying to get a piece of it. __________________ OBAMA Stop talking crap about him and give him a chance!

08:28 AM	#5
Multi-Purpose Centurion Member Join Date: Apr 2008 Location: Somewhere in So Cal Posts: 106	In this case then if 1 in 8 store credit cards will be defaulted on as mentioned in another post on Credit Card Forum we can only imagine how many of those folks will suddenly decide the charges are not theirs in a lame attempt to skip the bill. __________________ Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek. -Barack Obama

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05:02 PM	#2
magyar1045 Centurion Member Join Date: May 2008 Location: California Posts: 162	Throughout history desperate times have always led to desperate actions to survive. Look at credit card companies when more and more people default. To make money so the bank execs can fly in their private jets banks are increasing their interest rates to loanshark levels on even the best of customers.

01:05 PM	#3
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 412	The credit card division of banks has been the one profitable division during this credit crunch. In turn, many of the bank conglomerates have upped their credit card interest rates in order to pick up the slack from their other divisions which are under-performing. This is why I do not prefer to use credit cards issued by diversified banks such as Bank of America, Citi, which have consumer banking, commercial banking, mortgages, credit cards, investment banking, and so forth all under one roof. For your credit card it is better to stick with either American Express or Discover since almost all of their revenue is derived from credit cards, they do not need to squeeze customers in order to cover other divisions.