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Just a few years ago when Melody Brooke applied for credit in anticipation of co-signing a loan for one of her adult children, she was told she had such good credit that she could buy a jet.
Today, she couldn’t buy a toy truck. The combination of a weak economy, which forced her to close her private counseling practice and caused her husband to lose a lucrative contract, has taken her family from a six-figure income to barely any income at all. To add to the constant barrage of debt collectors calling them, her husband hasn’t been able to obtain a job. “He’s only gotten two interviews and one offer,” says Brooke, who lives in the Dallas area with her husband. “But when they ran our credit, they told him they couldn’t hire him.”
The current financial crisis has brought about many economic anomalies, including throwing a whole new subset of the population on the radar of debt collectors – upper-middle class and affluent consumers like Brooke.
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The plastic credit card with a magnetic strip many people carry in their wallets or purses is the end result of a complex banking process. Holders of a valid credit card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit. The vendor receives essential credit card cardholder, the bank issuing the card actually reimburses the vendor, and eventually the cardholder repays the bank through regular monthly payments. If the entire balance is not paid in full, the credit card issuer can legally charge interest fees on the unpaid portion.
Individual banking institutions have their own policies when it comes to credit card applications. Customers may seek either a secured or unsecured credit card, depending on their individual repayment histories (credit rating). A secured credit card requires the applicant to deposit an amount of cash equivalent to the credit limit desired. A deposit of $1500 USD, for example, should be enough to be issued a credit card with a $1000 to $1500 spending limit. If the customer fails to make sufficient payments, the deposited money will be used to satisfy the credit card debt.
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