Credit Crisis Far From Over
Filed Under (Credit Cards Blog) by creditblogger on 15-10-2008
If you have looked at Dow lately, thinking that the economy may be getting better with all the measures that the government has taken, you may be wrong. Most analysts are predicting tough times ahead for at least a couple of years. And you know the economy is not doing well when credit card companies cancel accounts and lower credit limists, but that is exactly what’s happening these days. The truth is most people are having trouble paying off their credit card debt, so it’s no wonder that credit card companies are trying to hedge their risks by keeping the trust worthy customers.
People who have great credit are less likey to be affected by this crisis. If you have paid your balances in full every month, credit card companies have no issues with you. Actually, credit card companies hate folks who pay their balances in full as they don’t get any interest from them. But as long as you are a trust worthy customer, your card issuer will not cancel your account. But if you are a risky customer, paying your bills late or going overlimit all the time, then you may have a problem getting a new credit card with a rich set of rewards. In that case, I would encourage you to focus on paying your current bills instead of trying to get new credit cards. The market is tough right now, but it will turn out for the better in the future. The key is to hang tough and don’t sink in these tough times.
Have you been affected by the crisis in economy? Have your credit card companies lowered your bills? Please share your thoughts here.
