Throw 'em out

Pen on credit card papers

During the first half of the year, credit cards sent 13% fewer solicitations for new cards to consumers with good credit.

But they sent an astonishing 41% more to those with bad credit, according to Mintel International Group.

Why would the credit card companies do that when a record number of subprime borrowers -- those with credit scores below 620 -- are defaulting on their mortgages?

With the subprime mortgage market in disarray, it's virtually impossible for these consumers to refinance and borrow any more money against their house. That leaves credit card as their only option.

"This causes us great concern that some major credit card issuers are marketing to people who are in a risky financial position," Travis Plunkett, legislative director for the Consumer Federation of America told the Boston Globe. "It's another sign that some credit card issuers are engaging in risky, irresponsible lending to vulnerable customers."

Our solution: Shred and throw out every credit card pitch you get.

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