Credit-card industry may cut $2 trillion lines: analyst

Reuters ^ | Mon Dec 1, 2008 | Neha Singh and Amiteshwar Singh

[Abathar]

For all of those who carry a large balance on your credit cards -

Looks like it's time to pay the piper people.

[Ken522]

I just bought an M1A and put it on the card ... what should I do??

[JasonC]

Nonsense, another ridiculous scaremonger headline from the commie media. They are talking about reducing *unused* credit lines by that amount. The total actually outstanding on CCs is less than the headline figure to begin with. Commies lie for a living, but why do conservatives buy all of it, hook line and sinker?

[Red Badger]

The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending...

It's NOT SPENDING if it's ON CREDIT!..........We pay our balances in full each month............

[mkjessup]

“What’s in YOUR Wallet?”

Answer = Nothing now. LOL

[anniegetyourgun]

Thankfully, that's not my case. Though I have serious concerns about the predicted (additional) 20% loss in housing values seen in this article.

I guess the silver lining in this is that maybe we'll stop getting so much credit card junkmail.

[Red Badger]

Trade it for an M3.........

[swatbuznik]

Oh, thank God we were done with our credit cards right before this fiasco.

[Rearden]

Take the gun, leave the cannollies

[Abathar]

That was my take. They gave cards away like penny candy at a parade and then when things turn bad act surprised they are getting stiffed by people who never should have had one in the first place.

I know people who have a dozen cards maxed out and are still given new ones if they fill out the application because they are making the minimum payment on time with the others.

I have no sympathy for them, they gambled and now it looks like snake-eyes came up.

[astounded]

“Trade it for an M3.........”

I think I would go with a 335i and the full Dinan treatment...

[Just another Joe]

I'm still getting credit card offers and increasing lines of credit from companies.
Wonder when they're going to try to cut my lines of credit.

Of course, I pay mine on time and pay more than the minimum payment.

[NY.SS-Bar9]

Buy another
And ammo
and a 1911

[Roccus]

They are talking about reducing *unused* credit lines by that amount.

I have two cards. One I use once or twice a year to keep it active....never even approach 50% of my line. The other is used to pay monthly bills automatically and on line purchases. This one also never reaches 50%. Between the two I've only carried a balance for three months (total) in the last ten years. I feel some security in knowing that if the need should arise, I have access to these credit lines. Are these the kind of credit lines that will be reduced?

[woollyone]

tape the card to your target and use it to help zero in the iron sights.

[Dawn531]

You’re right. I had two cc’s cancelled last week (received notice in the mail.) They were both old accounts that hadn’t been used in years (I think I had taken advantage of one of those “discount offers” if you open a cc account on the spot.) We only use one card for purchases, and my credit limit is large (we don’t carry a balance)...that credit limit has not been reduced at all.

[Martin Tell]

I received three identical credit card solicitations from BOA yesterday. Straight to the shredder.

[Fellow Traveler]

168 grain Sierra Match King with 43.5 grains of IMR 4064 and Large Rifle primers. My favorite load for my M1A. Best group with iron sites 5 shots 1.5 inches at 100 yards.

[gieriscm]

That’s what’s happening to some people - their line of credit is cut from $15k to around $500-2000. Then, when you make purchases that exceed your credit limit you’re hit with a fee (much like bouncing a check). There was an article on msn about this a few days back; I’ll see if I can dig it up.

[G L Tirebiter]

What do you mean that I am “over drawn”? I still have checks in my checkbook.