Consumer Law

Credit card eliminations spike

By Sam Glover

The credit card industry is purging accounts, shutting down just over 19% of their accounts in the past year. As you can see, that is a huge increase over past rates. And this is on top of all the credit limit reductions (not to mention lines of credit). Since the industry is threatening further account contraction with the passage of the CARD act, so it looks like there will be less credit available to consumers in the future, whatever the reason.

Credit Card Line Reductions and Eliminations | Credit Slips

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Full post as published by Caveat Emptor on June 08, 2009 (boomark / email).