This is half of the puzzle. In 80s/90s secured card was associated with a prominent form of consumer fraud. 3rd-party “brokers” took a security deposit payment but not provide a card in return. It was quite prevalent back then and caused material damage to the industryhttps://twitter.com/patio11/status/1138233773663801344 …
Yikes, every time I think I’ve plumbed the depths of consumer credit it finds another way to surprise me.
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It was very unfortunate. Data from CFPB: in 1988 alone only 10% customers who paid for deposit actually got the card
It was a real shame as it supposed to be a great product for subprime marketThanks. Twitter will use this to make your timeline better. UndoUndo
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