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Plus CC's in general keep raising the interest rates. Capitol One increased 3% about a month back.
When the CC company writes you about an account and tells you your credit limit is now zero but you still owe them the money, people stop buying anything not absolutely needed. Know a couple guys this has happened to.
I assume these "withdrawn credit accounts"are a big part of the 88 million "fewer cards". The accounts are still there but there is no credit anymore. People have no Peter to pay Paul.
People are in debt. Credit is hard to get at a decent rate. Times are tough all over.
Taking someones credit back when they are good on all payments is a horseshit thing to do. But then CC companies are the real modern day outlaws of America.
Laws should be passed to cap some of their loansharking methods.
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