Card issuers are cutting credit limits without warning

In the midst of a financial crisis, that's likely to happen. Banks have less money to lend and, on top of that, cardholders are at greater risk of becoming delinquent on their credit card payments.

To mitigate that risk and compensate for less credit overall, issuers are scaling back consumer credit lines, just like they did a decade ago during the last recession. "Banks are taking a balanced approach informed by economic data, which is consistent with legal and underwriting obligations to ensure credit lines match consumers' ability to repay," said Jeff Sigmund, a spokesman for the American Bankers Association.

"Lenders right now are really just trying to re-establish their footing," added Ted Rossman, industry analyst at CreditCards.com. With a lower limit, consumers are more likely to use a greater percentage of their available credit each month , which has negative effects on their credit score and ability to borrow money.

Source: Loan Digest (loandigest.net)

Tell those ROTTEN M****R F*****S TO LOWER THEIR USURIOUS INTEREST RATES !!!💲💲💲 WHY IS THE CONSUMER STILL BEING GOUGED FOR 15 to 24 PER CENT INTEREST when mortgage rates are at historic lows? 'Dont push me 'cause I'm close to the edge, I'm try'in not to lose my head'

The federalreserve is giving unlimited cash to banks, buying junk bonds, and dollar swap lines to bankrupt countries. The banks in return crush consumers. Got it. EndTheFed

Хорошо

They are starting to put their plan together to get Federal bailout money NO BAILOUT FOR BILLION DOLLAR CORPORATIONS COMPANIES BANKS UNIVERSITIES

You mean, how credit cards have worked always since the beginning of time?

Smart move

Capital One.

second like.

They always do. Keep your eyes on accumulated frequent flier miles. They have a very bad habit of Disappearing.

More than likely to soften the shit-storm that is coming their way on the stimulus handouts - 2 companies have returned 30 million so far

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