This just sort of slaps you in the face when you stop to think about it:
Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co represent over half of the estimated U.S. card outstandings as of September 30, and each company has discussed reducing card exposure or slowing growth, Whitney said.
Ahhhh, Delaware, home of consumer liquidity. We should put that on the signs entering the state, no?
My husband and I have two credit cards we keep for shopping online and for unexpected purchases; but we pay them both in full at the end of each and every month. We received a notice in the mail on Saturday from BofA and Citibank that both cards have had their credit limits cut in half. No explanation, just a reduction by 50%.
Ann – same thing happened to my home equity line of credit a few weeks ago. It is disconcerting, no?
http://delawareliberal.net//2008/09/08/freddie-and-fannie-hit-home/
This is a good thing. Credit card limits were too high. If you need that much money, go get a real loan, preferably from a credit union.
Credit cards are a really fucked up way to borrow money.
What Ann points out is something that really bugs me about credit cards. It seems like it’s a one-way contract – you have to pay the minimum balance or more and they can change the terms any time they want.