General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJust heard on tv..banks slashing credit limits
That banks are slashing credit limits. In a fucking crisis.
As in say you have a 7000 dollar credit limit,and it's suddenly cut to a 3000 dollar limit,suddenly you might find you went over your credit limit and not know you did .
On my TV they said banks were not slashing credit limits on their "best" customers. The rich ones is what they really mean.
Fuck bankers and thier self serving money games they play to screw the middle ,working and poor classes.
Found a link about it.
https://www.cnbc.com/amp/2020/04/23/card-issuers-are-cutting-credit-limits-without-warning.html
FoxNewsSucks
(10,435 posts)I never used it much, the letter said "account inactive". It's been equally inactive for most of the 20+ years I had it.
Coincidental timing, no doubt.
BadgerKid
(4,561 posts)And the open account is a potential liability should the company servers get hacked.
Enoki33
(1,589 posts)and phone calls to get them reversed. They have since lost my business.
SWBTATTReg
(22,201 posts)cuts to credit limits was starting, and here we are.
What a nice way to goose start the economy, and where is rump in all of this? Of course, I forgot, he's on the golf course yet again!
The PINO, no where to be found of course. The supreme dereliction of duty to this Country.
All of this is simply going to push the economy into a slowdown and I can't imagine rump going for this, being that he's trying to push every button that he can to goose the economy back up again so he can claim that the economy is 'roaring' again (which of course, it's not).
The missing commander in chief (PINO)...hmmm, perhaps an Amber alert needs to be sent out, but perhaps instead of an Amber alert, the local authorities can simply search all of the local golf courses and see if he is flopping around a golf course somewhere like a beached whale (can't miss it)?
I_UndergroundPanther
(12,507 posts)SWBTATTReg
(22,201 posts)I_UndergroundPanther
(12,507 posts)Wellstone ruled
(34,661 posts)Chatter from a quittance at the local Grocery Bank Kiosk was,with the Pandemic,people are maxing their Cards knowing full well they may not be able to repay their Balances.
Same thing happen in 2008 in our area. Banks see the nightmare coming at them and they do not want any Charge Offs.
jimlup
(7,968 posts)they did this to me in 2008. I'm still getting over it actually. They also jacked up my rates. I'm still paying on one card that I refused to allow the rate to go up. I'll have it paid off in a year or so.
Get out of debt if you can! It is the best strategy against the heartless banks.
Chainfire
(17,757 posts)They are cutting their liability before an expected economic crash.
I cut up all of my credit cards 22 years ago. If I can't pay for something, I wait until I can. Bankers hate people like me.....
Twenty years from now, people will be trying to erase 2020 from history books......
EllieBC
(3,051 posts)They see something worse than 2008 on the horizon. They arent going to wait.
NCDem47
(2,255 posts)It adjusts your credit available to credit used ratio.
If you had a $1,000 limit and used $500, you used 50% of credit available. Now, they drop your limit to $500 and youve now used 100% and you take a credit score hit (it goes down).
At least thats the way I understand it.
roamer65
(36,748 posts)They also stop promotional balance transfer offers and increase your interest rate.
Ilsa
(61,712 posts)the percentage used. Paying on time and above minimums also affect the score.
lpbk2713
(42,774 posts)He knows it won't be him.
PTWB
(4,131 posts)hunter
(38,349 posts)Also, never bring a credit card to the ER.
My wife survived all that, thanks to our state's "high risk" program which she was accepted to just days before her COBRA expired
Since then I push credit card and loan offers into the shredder.
My wife has pretty good health insurance now, for both of us, but we are keenly aware its attached to her job.
What sort of shithole nations don't have universal health care? That's right, this one.
uponit7771
(90,371 posts)WyattKansas
(1,648 posts)That would be a way to limit your exposure to damage if a crash was about to happen.
customerserviceguy
(25,183 posts)on my Marriott card that they were cutting my limit, on the grounds that I wasn't using their card all that much. I'm tempted to pull the plug on them entirely, but one of the perks of paying the annual fee is getting a free hotel room every year. And my credit is excellent, over 800.