Certainly not for PAYING OFF MORTGAGES (how they sold the plan to us) or LOANS (loaning you your own money at interest; how arrogant is that?)!!!
Not that it was EVER MEANT TO!!
"Lenders abruptly cut lines of credit; Fear excessive use amid hard times" by Beth Healy, Globe Staff | January 31, 2009
Banks and other lenders nationwide, seeking to reduce their debt exposure, are shutting off and limiting consumer credit card lines, even for many customers who carry low balances and pay on time.
This economic "crisis" has been a PLANNED and DIRECTED EVENT by the GLOBALIST RICHERS, folks -- as in the past, so is it now!
As much as $2 trillion in consumer credit - nearly half of what is available - could be rescinded, according to an estimate by a prominent banking analyst. Just two years ago, institutions were handing out liberal borrowing lines to almost anyone. But now, drowning in debt and soured investments, lenders are seeking to stop consumers from running up big balances in hard times, bills they might not be able to pay.
The credit squeeze doesn't just limit spending potential; it can also damage cardholders' credit ratings by making them appear to be riskier borrowers.
Translation: you are getting a PERPETUAL POKE in the POOPER from the JEW-BANKS, Amurka!!!!!!
And in many cases, the institutions pulling back on credit took government bailout funds that were supposed to encourage them to lend more freely....
Boy, did YOU EVER GET FOOLEYED on that plate of scitte, huh, Amurka?
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Most bankers won't offer details about the cutbacks, but acknowledge they are happening. Betty Reiss, a spokeswoman for Bank of America Corp., the nation's second-largest card issuer, said, "We're taking a more aggressive look at accounts in order to control risk in the current environment." The bank is one of the biggest recipients of federal bailout funds - $45 billion.
As far back as July, 60 percent of card issuers reported they were constricting lines of credit, according to Javelin Strategy & Research, a Pleasanton, Calif., firm that tracks the credit card industry.
A-HA!!
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
So, WHERE did ALL THOSE TRILLIONS go?
You know, the TAXPAYER MONEY you were supposed to LOAN to YOURSELF, America?
Also see: Banks Are Mentally Ill
And a Federal Reserve Bank survey in October, the latest available, found the same portion of bankers reporting tighter lending standards on credit cards.
Meredith Whitney, the Oppenheimer & Co. banking analyst who in November predicted a $2 trillion drop in credit availability, has said the loss will hurt the economy because consumers rely on credit cards for regular spending. In part, banks and credit card companies are reacting to an increase in the number of cardholders who fail to pay their bills....
To counter such losses, some institutions, including Citibank, have raised the interest rates they charge certain customers as a way to generate revenue.
Yup, whether it is the TYRANNICAL STATE RAISING TAXES or USURIOUS BANKS, you are getting f***ed, Amurkns! Time for some guillotines to get to work!
Citibank said it is primarily raising interest rates for customers who haven't seen a change in two or three years. In a statement, the company said, "We have taken actions such as lowering credit limits, adjusting rates, tightening credit standards, and closing inactive accounts, particularly in certain geographies and where we can use mortgage data to enhance our decision-making capabilities."
In addition, as investor demand for credit card debt that is usually packaged into securities has plunged, banks are being forced to keep the debt on their books longer.
Translation: NO ONE WANTS TO BUY their SHIT DEBT -- which is why a "BAD BANK" is going to be created!! So TAXPAYERS will BUY and HOLD WORTHLESS SHIT!!!!!
Many of the credit lines being taken away or reduced have not been used recently, according to people who track the business. Dennis Moroney of TowerGroup, a Needham research firm, called it the "kitchen drawer" syndrome because some consumers keep cards they don't need or don't use often. Card issuers are trying to rein in such accounts before they get tapped for emergencies in the slumping economy, Moroney said.
Yeah, that is your FRIENDLY FINANCE COMPANY right there!!!
Pulling up the life-preserver as you are drowning, Amurka!
What a bunch of generous, kindhearted Jews (as they pocket YOUR bailout dough)!!!!! Glad I CUT MINE UP!!!
In addition to limiting spending, a reduced credit line can have a lasting effect on personal credit scores.
They just KEEP ON PUMPING YOUR POOPER, don't they?
For instance, someone who carries $1,000 balance on a card with $10,000 limit is suddenly tapping into a higher percentage of their credit if the limit is dropped to $3,000 - even though they haven't spent additional money. Using more than 30 percent of total available credit can make a consumer look riskier on paper, according to credit bureaus.
"In general, if a credit limit is reduced, and therefore the amount of credit utilized increases, it could have a negative impact on your credit score," said Tim Klein, a spokesman for Equifax, one of the three major companies that track consumers' credit lines and payment records.
None of the banks contacted for this story would discuss how their actions might affect credit scores....
Leslie McFadden, a writer for Bankrate.com, a consumer banking and finance website, said banks are targeting people with inactive accounts as well as those with large balances. "You can't prevent your credit card issuer from lowering your limit," she said. "The advice is to pay on time and keep your balances low."
And PULL YOUR TROUSERS DOWN when the bank wants to pump you full of semen!
And if you have a card you haven't used in a while that you want to keep, McFadden said, "Buy something inexpensive and pay it off that month."
Yeah, BUY SOMETHING USELESS to keep that CREDIT CARD ACTIVATED -- as if YOU COULD AFFORD SUCH A THING, Americans!!
What an INSULT, and I AM TIRED of JEWISH INSULTS from an elite Jewish Mafia mouthpiece!!!!!
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