If you have good credit you’re more likely to be eligible for a credit card as opposed to if you have bad credit and therefore bad spending habits. If you have bad spending habits you may go over and will have to pay the banks more money, so why aren’t they more interested in those with bad credit?
In: Economics
Banks already tried focusing on entirely people with bad credit leading up to 2008 (sub prime mortgage crisis) and it blew up the entire economy.
There were things the banks did that caused the entire economy to implode vs lose some money, but if you wanna know what happens when banks try to make money off exclusively people with shit credit look no further than the sub prime mortgage crisis of 2008.
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