Changes in Credit

[treehugger1]

http://www.msnbc.msn.com/id/25419005/

[AngelinaCatHub]

Awsome and disturbing.

[JRScott]

I actually see it as a good thing. I believe as a nation we need to learn to live within our means without a credit card.

[treehugger1]

I agree! While credit appears to currently be a necessary component of our economy, it plays far too great of a role at the consumer level. In particular, unsecured credit probably has little place in the future economy.

[ldsmedia]

Is anyone really surprised?

Well they should have moved to protect themselves when things started declining long ago. Since their business is money lending they should understand and be aware of economic cycles.

You can count on corporate America to screw the customer at every turn.

[momof5]

This happened to us a couple of years ago on an American Express Card. We had always been on time..the rate was 1.9%. Wonderful card that we always used and tried to pay as much as possible every month. Wellll to make a long story short.. We were out of town with the kids and had expected to use this card for our food and lodging. We were in a restaurant and handed over the card only for it to be brought back and told it was declined. Huh??? How could it be declined we had more than $4000 available.

I didnt question it to much but did ask what the reason was and they said they dont get specifics. The girl did go try and run it through one more time just in case it was a glitch or something. She came back saying the same thing so I handed over a different card.

We got back to the hotel and I called the 1-800 number. Our limit had been lowered by $5000 the evening prior. When questioned why.... Their reason was a credit review showed we had opened a seperate credit account and that they often times will lower the limit till steady payments have been made on the newly opened account (new account had nothing to do with American Express). Surprise... No warning or letter in advance.

Wow... read the fine print. I always read the fine print after that.

I just feel kind of bad for these people who use their cards for business or other personal reasons and count on this credit each month. They pay faithfully. Theres no rhyme or reason to those getting cut and no prewarning either.

[Fazeloss]

Just a comment on reading the fine print in the agreement. When I signed up online for my regions bank debit card recently (not a credit card), I had the choice to download and read the terms or I could simply "click here" to instantly agree to the terms. So I downloaded and read all 30 pages! All legal jargon, single spaced and very difficult reading.

[hlgee]

way to go, people are struggling with rising gas and food prices, stagnant salaries etc, and now this!

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