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So as several people know I was laid off in November due to the economic situation. I am still searching for a job months later. Yesterday I received an offer from a credit card company generally stating "we know you are experiencing difficult financial times and the job market is horrible, but based on your credit you have been pre-approved for X card." the letter went on to say that I would have 0% apr till July and they learned about my situation from unemployment and "during these difficult times it is important to have someone who can help." So in short, they knew I was unemployed but still were offering me a card with a $50k limit.

Seriously ? How are people who accept this card supposed to pay it off? Also, what do they have to gain from making such risky investments? In the event of non-payment they could technically foreclose, but your mortgage company would have first priority over any monies collected from the sale. Therefore they would most likely collect nothing. I honestly can't wrap my head around this offer. I burnt the letter soon as hubby got home and I showed it to him. It was far too dangerous to just shred and toss. I feel sorry for those that do accept this obviously preditory lending scheme.
 

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Probably just a shot in the dark. I had one contact me once to consiolidate my LATE payments on my bad debts. Well, I had only two debts, a mortgage and a car payment and both had been "on time" with no late payments for years

...........they were so agressive with the calls (and did not relay the info I could find to turn them in) that I just had a whislte next to the phone and the last call I got they got an earful of Fox 40.
 

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I rarely carry a ballance on my credit cards. One time it was necessary. Then I got an income and paid it off. The CC company wrote me and upped my limit! I thought that was nuts but your offer tops that.
I do think (hope at least) jocoyn is right and it is a shot in the dark. Otherwise, too much info is out there. It certainly is a crazy offer - right up there with the mortgage offers of the 2000s - no down, interest only, ARMs up the Wazzo....
 
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