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Credit Card Companies Go to War Against Losses - by Ron Lieber
Credit Card Companies Go to War Against Losses - by Ron Lieber
The suffering credit card industry wants some of you to help bail it out. In the last year or so, card issuers have raised interest rates, added new fees, lowered credit limits and even shut down accounts altogether. As unemployment has risen, so have the number of people who are paying their credit card bills late or not paying them at all. So the companies are deploying every weapon they have to shield themselves from further losses. They’re also scaling back their offers to new cardholders. According to new data from Synovate Mail Monitor, card companies sent 27 percent fewer solicitations to consumers in 2008 than they did in 2007. Given the wildly divergent approaches that card companies seem to be taking, it’s worth taking a closer look at what rules they’re changing, which customers they’re targeting and if there’s anything you can do to avoid drawing their attention.
1 comment:
Promises promises, they are still trying to sell me their cards,,, I am planning not to bite. I suppose some people think it is OK to scam their neighbours and friends... or their government. I wish it were possible to get a hotel room, or rent a car without credit cards... they I would do without as well.
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