Credit Card Debt Next Crisis?


Yes, either that or vehicle debt, which have been handled like mortgage debt that brought the foreclosure and economic crises we are in. I mean packaged and sliced and diced and marketed into securitized trusts with derivatives and the whole nine yards.

Lowering your limit can be an abusive credit card practice, say, if you owe $5,000 on a $10,000 limit card, and they drop the limit to $5,000. Or $4,000.

Credit card companies are cutting limits and closing accounts.

Predictions at the end of last year were for two trillion (hear that amount a lot lately, don’t we?) dollars of credit card lines to be cut by the end of this year.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

Written by:


Shaev & Fleischman LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.