Credit Card Companies Cracking Down!!
By newtondak
@newtondak (3946)
United States
June 28, 2008 9:09am CST
You'll want to keep on eye on your credit card accounts and statements - it appears that the credit card companies are reducing limits and raising interest.
According to this article: http://www.foxnews.com/story/0,2933,373230,00.html
the results of these actions will be a lowering of your credit score and a raising of your monthly payment.
Do you have more than one credit card? Do you use them regularly - have a large balance on them? Will these actions affect you personally?
1 person likes this
2 responses
@winterose (39887)
• Canada
29 Jun 08
I haven't had good credit for years, and so I do not have any credit cards at all. I just live hand to mouth as they say.
1 person likes this
@newtondak (3946)
• United States
29 Jun 08
I don't have good credit either, but I do have one card with a small limit that I use occasionally.
Many people may be in the same situation soon when the credit card companies make these changes. Their credit scores are going to take a dive, and if they're at their limit and the credit card company lowers their limit - they're immediately over their limit and that amount immediately due!
With the state of the economy and many losing their homes and having this kind of thing happening with their credit cards, many people are not going to be able to get credit. I also think that banks and lending institutions are going to be paying more attention to income to debt ratios rather than credit scores.
