How Much of the Blame Do Credit Card Companies Hold in Consumer Debt?

February 8, 2012

I’ve been very upfront about my debt and how I got to the point that I am in. I take nearly all of the blame in the process that got me here. However, I do think that the credit card companies preyed on me and my situation.

Credit card companies have to be held accountable for the role they are playing in the consumer debt crisis that we face in this country.

Nothing proved this to me more than the moment I opened up my mail on Monday.

Unfortunately I have an account that has progressed to legal matters. I have not been able to make the payments that they are asking for yet and they are going to take me to court.

Today I get the notice in the mail along with this:

In case you can’t read that, it would be an offer from Capital One Platinum MasterCard asking me back as a customer. This is from the same company that is suing me for the $1600 that I still owe them.

Does this seem wrong to anyone else?

I haven’t received a credit card offer in over a year. They stopped coming, as they should, when my bills got very behind. I don’t get why the offer would start coming now that legal papers are being filed by the credit card company in the court system.

As if that wasn’t crazy enough, a third envelope today came from another credit card company offering me a Pre-Approved Credit card with a limit up to $1,500.


I can’t even imagine being the upper level management that dictates who gets sent these types of applications. Wouldn’t it bother them just a little bit to know that someone like me, someone with a life long struggle with money is being offered a credit card?

Granted I know better, NOW. But two years ago I may have taken this application, filled it out and used whatever credit I was offered to “get me through” the months ahead.

I’m sure there are plenty of other uneducated, broke people who are receiving these offers in the mail on a regular basis and getting themselves into even more trouble.


I’m just completely disgusted with Capital One. They were the first company to offer me a credit card after my first bankruptcy.

Shame on you Capital One, shame on you!

Call to action!

What can we do to keep this from continuing?

Above all else, this is why I think that financial education is so important. Our teens can not leave their parent’s home and move out on their own without being aware of issues like this.

Capital One and other credit card companies are not going to shoulder the blame that they should and they are not going to stop until consumers stop returning those offers.

I also blog at A Five Star Life. I write about anything that comes to mind but try to focus on finding the good in daily life.

9 Responses to How Much of the Blame Do Credit Card Companies Hold in Consumer Debt?

  1. Tiffany on February 8, 2012 at 10:40 am

    OMG have you seen the Frontline show about cc companies and consumer debt? If you aren’t angry now…
    (you can watch it free on their site, it’s also on netflix)


  2. Tiffany on February 8, 2012 at 10:59 am

    Oh and THIS one! It’s from 2004. VERY scary and interesting to watch with hindsight…



    • Jessica The DebtPrincess on February 8, 2012 at 12:30 pm

      Thanks Tiff. I’m going to check these out. I’m so disgusted with this practice. Something should be done. I haven’t received a credit card offer in MONTHS if not over a year and I get them at the same time as legal action is taken, seems fishy to me.


  3. 101 Centavos on February 8, 2012 at 8:43 pm

    I used to send all credit card offers back to credit card companies in their pre-addressed envelopes. On their own forms I would write helpful suggestions on how to perform impossible physical acts. I figure that would at least give the Post Office something to do, and waste somebody’s time opening the envelope. Perhaps even throw a little negative karma back their way. I’ve since mellowed a bit and don’t do this anymore, or perhaps I’ve just run of spare time.
    101 Centavos recently posted..Buying Uranium When It’s in the Gutter


    • Jessica The DebtPrincess on February 8, 2012 at 10:40 pm

      This is hilarious!! I think I might just have to do the same thing. Maybe I’ll suggest they check out this blog.


  4. Matt
    on February 9, 2012 at 6:15 am

    You know what this means, your recent flood of credit card offers. Your credit score has probably gone up! Not that this should matter to you, as it doesn’t sound like you’re planning on taking on more debt.

    Unfortunately, I don’t think there are any “upper level managers,” who make decisions like you’ve described. Apps get sent out to customers automatically based on “highly complicated algorithms” within some computer system. Good credit – gets lots of apps. Bad credit – still gets apps.

    I will often shred the apps I receive and then send the shreddings back in the pre-paid envelope. Like 101 stated, it helps the post office and gives somebody an envelope to open. I hope they spill the shreddings all over the place. I love your idea about putting your blog address in there though. I may have to start including that. Once they figure out who I am, they might stop sending me apps!
    Matt recently posted..


    • Jessica The DebtPrincess on February 9, 2012 at 12:00 pm

      Yea I’m not that worried about my credit score. There’s nothing I need it for but it is very interesting. I wonder why it went up. I did make one larger payment (just $150.00) on a credit card last month. It cut my small balance down by about 30%.

      Capital One is just a shit company and I think they are the worst offenders out there. Their practices truly disgust me.


  5. Tiffany on February 29, 2012 at 2:10 pm

    It is ridiculous. We receive many credit card offers/apps in the mail on a daily basis. We have great credit, so it’s not like they’re predatory lenders in this case, but my husband receives a mailing from Discover Card every. single. day. He is the authorized user on my Discover card that was just opened in December, with a $10000+ limit.

    I recently requested copies of my credit reports because I had to update information contained in the fraud alerts on them. They each had an address you can write to, or a number you can call (I’d have to look closer to remember which) to opt out of pre-approved offers. It may be something to look into if you’d like for these offers to stop.


  6. Capital One is Insane | The Debt Princess on March 16, 2012 at 3:29 pm

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