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The credit crunch is closing in on credit cards. Banks that got burned on bad mortgages are now bracing themselves for billions more in bad debt on credit cards -- so they're trying to cut their losses by cutting off customers.
Big-name credit card issuers, including Bank of America, Chase and American Express, are shrinking -- not raising -- some credit limits. And some, including Chase, are closing some accounts.
American Express will notify its card members in the coming weeks
Originally posted by OldMedic
It's about time this was done.
Millions of people owe thousands of dollars each to banks, money that they have little if any hope of repaying.
Most of them should never have been given credit in the first place.
I follow a very simple rule, if I can't pay cash, I do without. I paid cash for my car, paid cash for my house, and I have no debt at all. Yes, it took me years to save (and invest) to have enough to buy a house, but so what?
Who says we are entitled to all of that?