Just when you thought the consumer credit market couldn't get any uglier, the Kardashian Kard entered the fray. Yes, that's Kardashian as in Kim, Khloe and Kourtney. Famous for being born wealthy, the sisters have tried to make money on their own through reality television, a clothing boutique, and several other business ventures. Earlier this month they released a prepaid debit card aimed at young adults. Alas, it turns out the sisters aren't cut out to be bankers. They're uncomfortable with the high fees associated with the card. Rachel Beck of the Associated Press reports:
An attorney for the sisters sent a letter Monday to parties affiliated with the card asking them to immediately stop using the names and images of the three sisters.
The notice came after Connecticut Attorney General Richard Blumenthal warned on Friday that he would investigate the program to see if it violated state laws to protect consumers. He called the card's fees "predatory."
Sex tapes, DUIs, and an often embarrassing reality TV show might sound bad, but apparently predatory lending is what they fear could ruin their "positive public persona." Right.
Read the full story from the Associated Press.