Cnn reports
 

100 million less credit cards in the usa then just a few years ago

But the tubes... :)

But how much less credit is available. Is everyone Maxed Out!?

fuck CNN

I find that hard to believe...

:1orglaugh :winkwink:

the report said about 1 trillion less available credit on those cards

thats alot of credit to go away

i imagine alot of it was unused credit though....you know you keep one card just in case sort of thing...they yanked alot of unused cards i thought

I believe that was the same report I heard this morning. 33% of credit has been removed from the economy. Soooo, 33% less credit is available.

the economy collapsed. of course credit is going to retract.

but it was busy at applebee's so everything is fine.

never mind the endless threads of firing and nonpayment on this board alone.

I had a buddy loose 40% of his limit for a credit line thru AMEX he ran his construction business on, he was paid up to date and nothing else going on in his life that would effect it

i blame tubes

Here is one example I know first hand ... sadly it's not my own story ...

Guy I know put over a million a year on his cards for business expenses ... never a late payment and always paid them off when he got his bill. His cards and limits have been cut down to $279k.

if he needs to use his card for larger payments than 279k, then he could pre-pay 500,000 to his card and be fully able to use it

A lot of people were saying, "don't have 5 credit cards instead of 1." Having too many credit cards does increase your total credit limit, but some people forget to pay a credit card and suffer more fees. I know some people have many credit cards and they forget to pay all of them in time. The number of credit cards may be less, but the debts people have are still there, I think.

Bullshit. Few people have friends with millions of dollars. Besides, if you use your credit card more, your credit limit will not likely decrease.