Is it a good idea to offer credit cards to illegal immigrants?

The Wall Street Journal reported today (2/13/07) that Bank of America has rolled out a program in Los Angeles county offering credit cards to those without social security numbers or credit histories. They hope to go national with the program this year. In recent years, banks across the country have been... show more The Wall Street Journal reported today (2/13/07) that Bank of America has rolled out a program in Los Angeles county offering credit cards to those without social security numbers or credit histories. They hope to go national with the program this year.

In recent years, banks across the country have been offering checking accounts and even mortgages to undocumented immigrants, most of whom are Hispanic. Is this a good idea? What do you think will be the long-term effects?
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