Expect Tidal Wave Of Limit Reductions and Credit Card Closur
Yesterday I wrote about a little old hardware store that had noticed an increase in card purchases over cash. Thats not a good sign if people are using plastic more for routine things and especially in this environment of credit card issuers reducing credit limits, raising interest rates and closing cards. http://getoutofdebt.org/3264/
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Credit card rates up in advance of new consumer law
Reporter Bill Hennigan says new consumer protections have started to go into effect. Credit card issuers must give 45 days notice before changing terms. In advance of the law, credit card companies have raised rates.
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