Credit Card Companies Slash Limits

Credit card companies are notorious for raising limits, which can be dangerous for consumers trying to pay down debts. These days, though, the poor economy is scaring some credit card companies into cutting limits, according to a report by Smart Money.
That wouldn’t be such a big deal, but companies aren’t legally required to immediately notify cardholders of the change. Worse yet, some companies are cutting limits below the amount of debt people have on the card, which is not currently against the law. A new law that states that cardholders must be given 45 days before penalties are triggered won’t …read more