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Crunching YOUR credit linesExpect higher rates and less
credit
Remember when I said the credit card crunch was
just around the corner?
Well, via KevinColby.com comes this Clark Howard piece. So what's going on here? JP Morgan Chase, Bank of America and American Express -- the 3 bigs of the credit card business -- account for more than half of all the credit cards out there. Right now, the 3 bigs are getting pinched on their ability to go out and borrow money to lend to you, plus they're terrified about the rising number of defaults. Basically, that has them looking for any excuse to cut off your line of credit. This can be particularly bad if you're a traveling businessman or woman who needs a credit card to rent hotels or vehicles. Know this: If you miss a single payment or are late on any card, you may have one or all of your cards shut off or greatly reduced. He has some good suggestions, but credit is a very fickle beast these days. You've been warned. 
Posted: Tue - December
16, 2008 at 01:48 PM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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