Credit Card Industry Promotes New Card Based on Slavery to Stem Mounting Criticism

Posted on February 17, 2010

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EP: NYC – In an effort to stem the rising chorus of criticism leveled at the credit card industry, the North American Credit Card Association (NACCA) is promoting a new credit card it believes will be a “win win” for both consumers and  beleaguered credit card companies. The new product, which is currently being tested in certain markets across the country, is called Serfcard™, recalling the European feudal labor practice that helped fuel the global economy during the Middle Ages.  The primary innovation of Serfcard™ is that consumers who fall into a spiral of debt, due to unforseen circumstances such as a chronic illness or a similar situation, will be elligible for 100% debt forgiveness if they simply accept a life of slavery to the originating credit card company. “The consumers have spoken, and we hear them loud and clear” said Albert Smith, VP of corporate communications for NACCA, “and we believe Serfcard™ is the answer to their concerns. Never before has a credit card offered 100% debt forgiveness for people who have fallen on hard economic times.”

The new Serfcard™ hopes to help struggling families get out of debt by forgiving delinquent credit in exchange for a lifetime of servitude.

Serfcard™ will work like most other credit cards, except in cases where the borrower is unable to make minimum payments for more than three months. This triggers the “serf” clause in the credit card contract where all debt on the credit card is forgiven in exchange for a lifetime of servitude to the originating company. “We do not have any slaves yet, as the product is relatively new on the market, so we are still experimenting how exactly the slaves will be used to help the credit card industry weather this financial crisis” added Smith who has encouraged his groundskeeper and maid at his Westchester mansion to try out the new card.

According to the Serfcard™ contract, once the credit card user defaults and agrees to have his or her debt forgiven, that individual must work in whatever capacity requested by the card issuer and forgo any compensation he or she may receive until death. “Its a risk for us as well, because you can imagine most of the people who we target for this kind of card are poor, unskilled and probably don’t have a long life expectancy. But we are also hoping to snag a few college graduates who mismanage their college loans. That is when I think we can make a solid return on investment” explained Smith.

Despite NACCA’s upbeat perspective on the new program, consumer rights groups are expressing deep concern over the direction the industry is headed. “These people are insane” remarked Jill Edgerton, a consumer advocate who works with US PIRG, a consumer rights group founded by Ralph Nader. Congress was not as quick to dismiss the utility of the card. “We should not jump to conclusions, just because it says ‘slave’ in the fine print does not mean it is all bad” said Congressman Jeb Hensarling (R) from Texas who recently argued that it was okay for card companies to raise interest rates without notice. “Besides, I have an election to win this year I have not seen any contributions from people who have defaulted on their credit cards.”

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