The "Next Shoe To Drop" Has Fallen

[cieldumort]

Bloomberg:American Express, Chase Cut Card Limits, Lowering Credit Scores Wayne Brown has a dilemma. If he reduces his credit-card balance, American Express Co. will cut his credit limit to the amount of the new balance, he said. If he doesn’t make a big payment, his interest rate may skyrocket

Comments

[nebris]

We defaulted on all our cards last fall. It's only about $2600, but the payments were interfering with eating.

One thing of note; one of the card companies - Capital One I think - offered to settle a $940 total for $501. If we'd had it, we'd have gone for it. But that certainly seemed a sign of desperation on their part.

~M~

[cieldumort]

Capital One, at least imo, is one of the more reasonable ones. If you can arrange payments, I would call them up and ask.

Capital One is one of the more reasonable ones

[nebris]

Not according to this.

~M~

[volksjager]

Yes, this is the other shoe falling. They have got us by the balls.

[cieldumort]

At least our tax dollars aren't going to these guys, in addition.

[volksjager]

don't be too sure...

[cieldumort]

That was meant to be sarcasm.

Guess I failed like a bank bailout ;)

[cieldumort]

Lovely.

[fischlehrer]

I love my credit union. Higher interest. Personal service. No subprime mortgages.

However, I am sure someone will find a way to screw them up too.

[cieldumort]

CUs are a blessing in this economy.

[ytterbius]

Yuck.

[cieldumort]

Would you like some recession sauce with that?