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Consumer Credit Cards & Crisis We have all heard of the current credit crisis affecting Wall Street and the financial industry. One way it will be affecting the consumer is through tightening of credit card approvals and debt allowance amounts. The major US credit card issuers are tightening the belt to reduce their risk exposure during this financial crisis. American Express announced late September that they will be halving the credit allowances for half of their customers. Insider intel suggests that Bank of America will be announcing a restriction of new accounts for consumers below a 650 credit score to lower their risk exposure. There are murmurs the credit card industry has 'incorrectly' accounted their bad debt risk exposure as well and is heading towards trouble. How does this affect us? I am bulking up on my credit lines now as the remaining credit issuers are sure to be following this pattern and tightening their belt. Getting a credit card, will become more difficult in the following months, at least until this crisis is behind us.

Contributed by ariel on October 1, 2008, at 9:14 PM UTC.

PLEASE VISIT THE CONTRIBUTOR'S WEBSITE

Prime Credit Cards Compare credit cards and apply online. www.xprimecreditcards.com

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