Credit Card Debt Next Crisis?

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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.

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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

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