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Credit Competition

Some people worry that the market for consumer credit is so unresponsive to the needs of all consumers that government regulators must force banks to serve all profitable markets.

If the amount of spam I receive is any indication, the market for consumer credit is intensely, fiercely, competitive.  Here’s a piece of spam that arrived just today (managing, as it did, to avoid my spam filter).  The subject line read "Allow banking company rival for your mortgage":

Proposals for each credit state of affairs

  • Loaners reply in 39 hours
  • Adopt up to 110 percent of your abodes value
  • Extra schedules for self employed
  • No revenue examination suggestions

The market seems to be working pretty darn well.


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