Lost your job? Can’t pay your mortgage? Here’s a $15,000 credit card

Tuesday, March 17th, 2009 | Economics |

Katie Grangu brings us this story. Guy loses his job, calls Citibank to find out how to get help with his mortgage under the Housing Recovery Act. The operator says the government hasn’t given them the information about HRA yet yet, so can’t help him there, but offers him a Citibank VISA with a $15,000 credit limit and no interest for a year. When he calls to activate the card they make him an offer he can’t refuse:

“We want to send you the entire $15,000 credit line today, in the form of a check. No interest for one entire year,” she chirped enthusiastically.

“Let me get this straight,” my friend inquired skeptically. “I called Citibank saying I’d lost my job, and to ask about whether I could get my mortgage interest payments lowered by federal subsidy, and instead, Citibank wants to loan me $15,000 at zero interest, with zero collateral, and with no questions asked?”

“Yes sir!” she replied.

In other news, Citi’s credit card division had a 9.33% default rate in February. Zeus knows why.

Tags: bailout, credit card companies