Credit Card Companies are Tightening Their Belts

lots going on on the card front these days.
Congress is rushing to pass legislation in a panic
that will restrict card companies from some of their
worst practices.

This is good news, right?

Wrong. It means card companies are tightening
the noose bigtime.

Advanta was lending to businesses, small businesses
mine and perhaps yours....(I am not a customer of theirs.)

They QUIT and they are not extending more to
ANY of their business customers.

I have had some recent scary experiences with card
companies that set the tone for things to come.

If you are relying on cards and lines to see you through,
don't count on it, is all I can say. The banks are cutting
back on unused lines, and cutting people zero slack
when it comes to anyone who actually needs to use
their cards.

This is due I think to the new law that will be passed.

Look for the card companies to be doubling interest rates
now, cutting lines, increasing fees, pulling cards.

It's a whole new world coming up and they are planning
on it becoming law and WATCH OUT now.