My sister sent me a link to a New York Times article which I found as oddly addicting and bizarre as an issue of US Weekly. The article is called, “It’s The Economy, Girlfriend.”
The article highlights a group of twentysomething aged women in New York City who started a support group called “Dating a Banker Anonymous” and a blog. The women who started DABA noticed their romantic relationships with investment bankers and traders tanked with the economy. The women said that as the economy went down, the stock market shed points, and jobs were being cut on Wall Street their sex lives, gifts and date nights were cut as well.
Their blog is totally funny and addicting. Women write in to tell their dating stories and misfortunes of having their trips to foreign countries cut, their bottle service being eliminated and how sad it is that someone would want to move to the Midwest for a more affordable lifestyle. There is even a story that mirrors a segment that aired on Good Morning America yesterday which tells the story of a 24 year old girl who is dating a married millionaire who enjoys trips and designer gifts from her “sugar daddy.” When he is faced with having to eliminate 20 people at work, all of which have children to support, she whines that he isn’t getting her enough stuff anymore.
Although the stories are fun to read, they definitely make me question what was significant enough about these stories of “misfortune” and high expectations to make the New York Times? While most of America is losing their job, their home and their retirement accounts, the New York Times is highlighting a tiny group of twentysomething ladies who are no longer receiving Louis Vuitton bags, bottle service, Manolo Blahniks and trips to Italy from their boyfriends. Seems out of balance. Apparently the public is ready for an escape from reality though, which might explain why these girls already got a book deal.
The concept that the DABA girls created is absolutely entertaining. Unfortunately, I don’t think it promotes financially savvy and independent women. Then again, the girls’ experiences of dating rich men was enough to get them a book deal and perhaps they can start buying their own Louis Vuittons now!
Posted in relationships, twentysomethings
Tagged career, careers, chicago, college, dating, feminism, finance, gen y, Good morning America, investment banking, job, jobs, life, money, New York City, New York Times, Personal Finance, relationships, thoughts, trading, twentysomethings, women
ABC’s Good Morning America aired an interesting segment today about credit card companies that are looking at the places people shop to determine credibility. So for example, if the credit card company’s data shows that a high percentage of people who shop at XYZ Store don’t pay their bills on time, some companies are using this as a reason to significantly cut customer’s credit limits without warning.
The subject of the segment was a man named Kevin Johnson, a 29 year old who owns a PR Firm in Atlanta and has stellar credit (a 764 FICO score). He had been a loyal American Express user when he received a letter saying his credit limit was lowered from $10,800 to $3,800. Ken says he rarely kept any balances on his credit cards and has always paid on time.
This new twist is called “behavioral analysis” or “behavioral scoring” and it seems quite unfair. Apparently this is just another way for credit card companies to assess their risk during the recession. It’s a bit strange to me, especially for those who are trying to save money by shopping at a discount store or for those who have always been loyal paying customers.
The other weird part of the story is that American Express received more than $3 billion in taxpayer money from the “Troubled Assets Relief Program,” yet they are choosing to cut off great customers like Kevin Johnson. It is the Kevin Johnsons of the world who are paying the taxes to fund thse bailout programs…
I guess the moral of the story is that in a battle between a single consumer and a huge credit card company, the credit card company is going to win. During times like these, we as consumers need to remember that we can’t count on using our credit card company’s money to get by. They have the right to revoke our privileges at any time.
Read the whole story here for more details.
Posted in Personal Finance
Tagged ABC, career, careers, credit cards, credit score, debt, family, FICO, Good morning America, jobs, life, Personal Finance, thoughts