Credit Card Companies tighten their lending Polices
I recently read an old article about the Credit card companies refusing to lend applicants with spotless credit files; these people were considered by the credit card companies to be able and willing to clear their credit cards debts monthly and the lenders would not make any money from this type of client. These finding were reported by Moneynet in a press release back in June 2006.Click here to Read the Full story
Some of our readers have told me that the credit card providers have stated drastically reducing their clients’ credit cards limits. They have been informing their clients by post that they are now following ‘Responsible Lending Practices’ and this was the reason for decreasing their credit limits. Personally, I think they have decided to limit their exposure in view of the recent credit crunch; it’s just a pity that they did not choose ‘Responsible Lending Practices’ when they first brought out credit cards years ago.
Strange isn’t it, that we have gone from the credit card providers not wanting to lend to those potential clients with clean credit records; because they have the ability to clear their credit cards each month and the credit card providers wont make any money from them. To now having the credit card providers drastically reducing their current card holders credit limits. It seems that the patients in the Institutes are now running the Asylum!
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