Banks Lowering Consumers Credit-Card Limits

(100% my personal point of view)

So many of us are seeing our credit limits going down. At the same time many of us are thinking why are our credit limits decreasing if we have good credit score and we are making our payments on time or minimum payments for many.

Credit Card companies forecasting is the Key:

• Companies believe people can’t afford to payback those limits anymore due to the economy conditions. (too late for that many people already can’t afford to pay back what they used so far)
• Due to high unemployment many people might use their credit cards for holiday season and won’t be able to pay back. (Well this should help the economy YA RIGHT, here goes our retail industry.)
• If you have some credit cards with good amount of balance outstanding, this is a good indicator for credit cards to cut your limit. (Debt sucks)

Now why cut limits now? Trust me its better you know now than week before shopping for holiday.

Younas Saleem Economy