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Home > Smart Spending > Archives > 2008 > October > 08
Wednesday, October 8, 2008
Credit cards may be harder to get with lower limits
The Atlanta Journal-Constitution
Got plastic? If you do, you may have noticed a few changes such as lower limits and higher rates.
Richard Moody, chief economist at Mission Residential said credit card issuers rules may be tightening. “Banks are starting to see increased delinquencies on their credit-card portfolios and are trying to raise rates and tighten terms on payment,” Moody says in a Wall Street Journal article “It’s an implicit way of tightening credit.”
The article reports that “Consumer credit has grown steadily even as the housing market has gone bust and many credit sources have dried up. That is largely because consumers have piled on credit-card debt, increasingly to pay for staples such as groceries and gasoline.”
Have you been recently turned down for a credit card? Has your rate been raised or your limit lowered?
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