Credit-card industry may cut $2 trillion lines
 

Re: Credit-card industry may cut $2 trillion lines
 

Hi I am new to the site, but this caught my attention since it happened to me. I have excellent platinum credit and have never been late on any payment. I have an American Express that has a $25,000 credit limit that is totally paid off and now and then I will use it for a large purchase to get the sky miles. I went to buy a $900.00 generator last month and my card was declined. Shocked I called the company and they simply told me they decided to lower my credit limit on my platinum card to $800.00 with no notice and that was that.

Re: Credit-card industry may cut $2 trillion lines
 

Hi Anita and welcome,

I read similar stories everywhere. I don't think the situation is as bad here in Europe as it is in the US.
Get rid off CC debts as soon as possible and try to avoid paying with a CC if you can.

I don't even wanna think about the ramifications for the economy...
Get prepared for some drastic changes.

Re: Credit-card industry may cut $2 trillion lines
 

CUT THEM UP!

It is not worth the added debt, which only bogs you down even further!

Re: Credit-card industry may cut $2 trillion lines
 

The real reason is that folks are finding out what is in offing and might just decide to load up the cards to prepare. And if that were to occur they know the card holders would not be able to pay, so they are reducing their risk. However it is not merely a sign of reducing risk, it is a sign that they know what is coming......

Get together with a group of liked minded people or you won't survive whats coming.

Re: Credit-card industry may cut $2 trillion lines
 

i agree waterman, and if we knew for sure we'd be busting them out. we would have nothing to lose. we could still do un-repairable damage that way. not a bad concept if you could do it to all of them globally. it would be like giving them the finger. it would bring them down. everyone would have to include mortgages, leases, credit cards, taxes, bills, etc........the more i think about it the better it sounds.

Re: Credit-card industry may cut $2 trillion lines
 

i suffer from severe depression and socila anxiety and have been under doctor's care for years. one of the things i do when i relapse is go bezerk with irrational purchases. unfortunately, mastercard doubled my limit last summer as i was spiralling down again and i did it again...
i am currently maxxed on the card...stupid, i know...
why would they have doubled my credit when they are cutting others?
what could they do to me if i defaulted? (canadian law)
(please, no lectures on morallity. it's just a question.)

Re: Credit-card industry may cut $2 trillion lines
 

Hey Old Pagan Freak... Did you listen to Mary Croft's interview on Red Ice Creations yet? Or check out her double accounting entries blog at www.spiritualeconomicsnow.net. I figured you'd be well on your way to discharging your cards now. Better yet max them all out and then discharge them... Way more fun that way :naughty:

Re: Credit-card industry may cut $2 trillion lines
 

thanks, angel in disguise. i'm afraid that my very ssslllooowww dialup connection make it impossible to download audio, video and many 'busy' text files.i'll try again, but at least the audio interview is not possible for me.