BofA, FUCKING THE POOR ONCE AGAIN

The issuance of credit cards to the undocumented is actually a "fuck the poor enterprise" offering high interest credit to the most likely to default. BofA will partially pay for the defaults by jacking up hidden fees on their solvent customers. There is a serious problem when lending to Mexicans because of Mexican customs we don't understand. Permit me, but I used to work in a car dealership and the general sales manager went broke in an East LA dealership whose client base was almost entirely so-called "Latino." But it was the Mexicans who caused the problem. When a Mexican signs a document agreeing to pay x or y or z, he fully intends to pay it back. But let us say he loans his car to his cousin and his cousin is driving the car. He will honestly think that the cousin should pay for the car til the cousin returns it---which is usually the tenth of never. Car loans are "recourse" loans and, since the guy rarely has assets, the debt goes unpaid while the car goes to Mexico; once there engine numbers disappear and the car is re-sold. Somebody ALWAYS pays these debts. In the case of the car dealership all the people working there lose their jobs, bills to vendors go unpaid, and so on down the chain.

These kinds of unsecured debt, and that is exactly describes credit cards, are bad enough for anyone dumb enough to run huge balances, but far worse when interest rates border on the usurious. Don't think for a moment these deadbeats won't get "advice" from activists who will tell them to sue BofA because they have been (truly) exploited. BofA is charging a major upfront fee for the card plus interest, figuring the "up front" fee will cushion what is sure to be a high default rate while the high rate goes to their "bottom line."

A more accurate title to these cards would be "Poverty Eternalizers"