There was a news story about this which I heard on the radio on the way
to work late last week. Apparently many card companies are doing just as
described, cutting back limits (or imposing them). It appears that
they've got themselves in a rather untenable position: in the past
they've raised default rates, or imposed heftier late payment penalties,
as a way to make money when borrowers are over limit or late.
Unfortunately for them, they're apparently bumping against the ceiling
of said penalties and interest rates, and so are lowering limits in
order to compensate (or, one might say, if one were a cynic, to force
otherwise reliable folks into instant over-limit circumstances)
---
Scott Gomez
On Mon, 2008-11-03 at 08:25 -0800, J. Van Brimmer wrote:
> Yep - me too.
>
>
> John Hermanson wrote:
> > Anyone here using American Express recently discover their credit limit
> > has been cut way way back and AE won't explain why? AE used to the "no
> > limits" cc.
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