I guess the "good" in this is that consumers are going in default all the time. In the meantime in between time, Providian will continue to reap the ill gotten rewards of late fees, over-the-limit fees, and jack up the interest rate just to put the nail in your coffin. Not to mention the fact that someone is always establishing or reestablishing their credit and need to start somewhere...
The trouble is the losers can't pay their bills! IF these exorbinant fees were actually paid, that would be great. Providian is a run of the mill lender with no advantage. Two thumbs down!
true story: my friend had a providian card and it got yanked by them even though he made all the payments. not very good service!
If you've had PVN since it was $2.11, you've already made over a 400% return. Why not take some profits?
When PVN gets back to $8.50, its'a buy again. Its' getting close. :oops:
8 per cent rise today. Not a bad call pvn_lover!
PVN is back near nine.
PVN is a mediocre company. How can they retain the loyalty of the consumers they've been raping for so long? They can't. When the bad customer finally starts paying his bills, his credit rating goes up. When his rating goes up he gets smart and starts shopping for a better rate with a better lender. PVN can only make money with the sub-prime accounts but that is always subject to delinquency rates. A mediocre to disastrous business during lean times and a decent profit generator as long as people have jobs. Don't expect a real boost in PVN earning until the economy recovers.
These guys are hanging in there. Joe Saunders rules!