Has anyone else received credit card offers from LinkedIn? I received one today and I was very surprised. I didn’t think that LinkedIn had enough personal information on me to be able to qualify me for a credit card. I was complimented and a little concerned as well. Complimented that someone thinks that highly of me, and concerned that perhaps they have been profiling me from other consumer data.
It is the strangest thing about credit. You get credit when you don’t need it, or you are positively the worst person to give it to. I had a girlfriend in the past declare bankruptcy and as soon as she did, the next week she started receiving an avalanche of credit card offers. This made no sense to me. Why would you give credit to someone who obviously got into trouble? This was in the past around 2005 so credit seemed much easier to get then.
However years after the recession, I have friends now who are barely paying their bills and getting credit card offers. They don’t have extra money to spend, yet these things tempt them into spending. Wouldn’t it be nice for companies like credit card, smoking or other harmful activities have to have some kind of screening and good intentions before they can present their offers? Too often money is made when people who are ignorant or desperate get into situations that they aren’t fully disclosed the risks of. Of course it is not easy to research every decision, and often things are hidden to the customer. To me, anything that has more downside than upside needs to be third-party evaluated that has no financial motive before that choice is made.
Money too often is the motivator for bad actions, and if we could take that motivation away then we wouldn’t have much of the confusion and problems we have. As a society when we allow people with bad intentions to profit from unfair knowledge then it only serves to make things worse. Part of the purpose of this website has been my attempt to share and educate from the lessons I have learned in life. You have to carefully evaluate your choices and consider both short/long-term consequences of action. Mistakes will always happen, but as a society we seem to be learning that some things are not acceptable.
Take for example today it was announced more protections for consumers against credit bureaus who benefit from selling data on individuals to the system. Now they have to be more responsive and responsible, and that will only help consumers. Any system that doesn’t have transparency like the murky financial system is going to be abused by those in the inner circle. I am so thrilled that the Consumer Financial Protection bureau is doing work that is helping millions of people. As a society we are learning that being fair is important, and one way of being fair is being transparent and honest in our interactions. Yes!