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Credit Card Industry Cutting Credit
Possibly as much as $2 trillion U.S. in credit may be cut. Some folks are already experiencing having their limits lowered and/or interest rates raised. I read a month or so ago about one guy who closed his consulting business because they kept lowering his limit so he never had any amount available on his account, which he needed to pay for travel expenses.
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And apparently the second most common use for credit cards right now is buying food at McDonald's. Crazy, since with the interest on the card the meal becomes a lot more expensive than it would be with cash.
Possibly as much as $2 trillion U.S. in credit may be cut. Some folks are already experiencing having their limits lowered and/or interest rates raised. I read a month or so ago about one guy who closed his consulting business because they kept lowering his limit so he never had any amount available on his account, which he needed to pay for travel expenses.
***
And apparently the second most common use for credit cards right now is buying food at McDonald's. Crazy, since with the interest on the card the meal becomes a lot more expensive than it would be with cash.
