Unpaid credit cards surge
Here’s a great example of having wrong motivation factors in place:
- Issue subprime loans to a variety of people.
- Announce a government-supported plan to bailout existing debtors only if they have poor credit score.
- Watch the rest of those guys try to decrease their credit score by missing credit card payments.
- Have the malaises of real estate markets transfer to credit card market, previously unaffected.
Wonder if the Freakonomics blog will pick it up.