Saturday, January 31, 2009
BANKS And Lenders Nationwide shutting off CREDIT! 2 TRILLION to be CANCELLED!
Comment: The damage to businesses will be huge. Many are using their line of credit to buy goods and keep the doors open. These credit companies are taking the bailout funds and investing it into other countries because of the risk here. ( You will be hearing about these money movements in the future guaranteed!)
Banks and other lenders nationwide, seeking to reduce their debt exposure, are shutting off and limiting consumer credit card lines, even for many customers who carry low balances and pay on time.
As much as $2 trillion in consumer credit - nearly half of what is available - could be rescinded, according to an estimate by a prominent banking analyst. Just two years ago, institutions were handing out liberal borrowing lines to almost anyone. But now, drowning in debt and soured investments, lenders are seeking to stop consumers from running up big balances in hard times, bills they might not be able to pay.
The credit squeeze doesn't just limit spending potential; it can also damage cardholders' credit ratings by making them appear to be riskier borrowers. And in many cases, the institutions pulling back on credit took government bailout funds that were supposed to encourage them to lend more freely.
Diana Lawton, a 44-year-old freelance writer in Chelmsford, is one of those being affected by the change in credit-line policies. She said American Express Co. called her last week to say her two charge cards - one personal, one for business - had been frozen pending a "financial review." Lawton, who had been using the personal card since 1988, said she was stunned. The company offered no explanation, accord ing to Lawton, but told her she could apply for reinstatement by submitting two years of income tax returns, along with three months of pay stubs and bank records.
Outraged at having to undergo a 10-day investigation of her finances, Lawton canceled the cards. "I know the economy's bad," she said, "but this is just shocking to me."
American Express, which has received $3.4 billion in federal bailout money, declined to discuss Lawton's situation. Lisa A. Gonzalez, a company spokeswoman, said that on "isolated occasions" it asks card members to provide financial information. "Though we continually look at the credit limits we offer card members and review them on a case-by-case basis, we are being more targeted in response to economic conditions," Gonzalez said. "This may also include cancellations."
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The credit card companies have received taxpayer help and now they are cutting off good customers for no apparent reason. If that isn't a scam, I don't know what is.
ReplyDeletePerhaps the Federal Gov't needs to hold a "financial review" of Amex and decide if the taxpayers need to cut them off.
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everyone should stop making the payments and restart the system, once a few of these credit card crooks go under they will get the message.
ReplyDeletewhy bail them out when all these credit card debt has been collaterilized and insured?
We will changes on the Bankruptcy laws, the credit reporting laws, they credit collection laws, etc.
The system is broken and it cannot be fixed as the Feds want to do it. We need to reconstitute the country and the financial system. If we keep this way the collapse is imminent.
Next, the devaluation of the dollar.
ReplyDeleteThe new bail out will not work, it did not work during the great depression. The only thing about the great depression is that we also faced a second world war and it took many people to battle instead of the unemployment lines, there was scarcity, and rationing.
the country took off when all these kids came back to the US and goods and services needed to be provided. New families were started and the population grew, immigration also had a positive impact.
We cannot borrow our way out of trouble.
we already tried to bail out the crooks and they used our tax money for bonuses and parties. To invest overseas and speculate with foreign currencies. The FOREX is the new speculation vehicle.
ReplyDeleteIf we are going to bail some one out let us bail out the American people. Not tax cut but real help.
I don't get it. Wouldn't it just be easier to wipe out debt. Start again on a clean slate. Probably cost less than this damn bailout of the rich.
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In December 2008, my business was ruined by American Express who had extended us unlimited credit, only to withdraw the credit without any reason or warning. I lost everything—my retirement, life savings, my credit rating and my home. Claiming “unjust enrichment” AmEx then suited me for the unpaid balance.
ReplyDeleteI have been in court for 5 years trying to represent myself. Finally I have a prominent law firm interested in the case and even a class action suit. I need the stories of others that have been damaged personally or in their business. It can be in the form of a letter, but to be considered as evidence in the case, I need stories notarized as an Affidavit. (click on the link below to see my affidavit.) http://constitutionalinjustice.blogspot.com/2014/09/american-express-nightmare.html
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