Just want to say that MANY banks and financial institutions are cutting back lines of credit, lowering limits, sometimes significantly and increasing %. As a small business owner, it can be a NIGHTMARE for several reasons, including but not limited to having no/limited access to previously "open" $$ that then disappears...
AND more importantly to many ....WHEN your credit limit is lowered your DEBT ratio goes UP thus your CREDIT score goes DOWN............
THIS is happening across the board to people that PAY off their cards each month and are on time customers.
BUT, keep in mind that if you OPT out or close accounts it WILL ALSO affect your credit score (DOWN), more so now as it makes it "appear" as though you were unable to handle the account and pulled out of it....so tread carefully.............
SAD that so many good people are being "brandished with the same paintbrush" of the many many people that made POOR decisions and were/are living above their means and came crashing down.....
And the bailouts? WHAT have they accomplished...IMHO..NOTHING...we're getting deeper add deeper into debt....and if I hear that "well we needed to do something now to avoid it getting worse later" theory....I might explode
. Seriously, SCARE tactics should not rule this great country. How about
HARD work and SELF respect and Higher education WILL get you to a better place, not an easy or fast fix, but own accomplished with PRIDE.
OKAY, enough ranting...(that felt good though)
As far as I am concerned the % can be 25%, I could care less as I do not pay a PENNY in credit card interest.......I just avoid it and un necessary DEBT like the plague. Wishing everyone GOOD financial times......
Heres to Better Times Ahead.............or heres to
HOPING for Better Times SOON Ahead