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Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults.
A consolidated U.S. lending market that is pulling back on credit is also posing a risk to the overall consumer liquidity, Whitney said.
Mortgages and credit cards are now dominated by five players who are all pulling back liquidity, making reductions in consumer liquidity seem unavoidable, she said.
Originally posted by ghofer
Internet businesses wouldn't be doomed. The credit cards would become debit cards. You'd have to have a positive balance on them before you could use them.
Originally posted by Walkswithfish
This is bad, perhaps the worst news yet in this financial crisis.