What does the economy crisis brings to you? Lay offs, low business, recession, lesser loans. Now a new thing is going to add up to the list. Credit card crisis!
The Credit card market is very big in America compared to any nation all around the world. People are very addicted to the card money, and it is through this source that they are coping up with the economy downturn.
The number of borrowers who are not able to pay their loans on time have started increasing in first half of 2008. It accounted to $21 billion according to the lenders who wrote off on bad credit card loans. And the soaring lay offs and jobless in the country is expected to increase this number to another $55 billion over the next year and a half.
Now lenders ranging from big players like American Express to the retailers’ Target Inc have started shunning consumers’ already in debt and are into cut the credit limit for existing card holders.
I have no advice for you this time. Deal this on your own.
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