Summary
Easy loans are no longer a case for many consumers. Many of the country's major credit card issuers are almost "in defense" to reduce credit limits, increase their interest rates for customers with problematic credit scores, and sending out fewer applications for new customers in response to tougher economic times and rising default rates.
Bank of America and Capital One has been posing new and stricter policies for their Visa and MasterCard holders. "In this environment, particularly now, do always make your payment on time and pay as much as you can. Don't do anything to increase your credit risk. Don't be late on your payment. Don't exceed your credit limit," as a tip provided by Bill Hardekopf, chief executive officer of http://www.lowcards.com/
As we can all see, the ripple effects are enormous. With this tightening up for credit requirements, a great deal of lives will be affected in many ways, and harsher policies are something definite that we can all be expecting for.
Connection - Bank Credit Cards
As told from the text book, Credit cards are used so much in our society that we can visualize a society without money -- a cashless society. We are so used to credit cards that many individuals and merchants would be badly affected if their use were ever discontinued. With bank credit cards, consumers can make purchases on a short-term credit at any retail outlet that accepts the bank's credit cards.
The article talks about how major chartered banks that sponsor and provide the credit card system are lowering their credit limit, and uping the interest rates for many. Also, the increasing reluctance to accept new customers since mid-2007, when the global economy encountered a disruptive turmoil and creating an uproar of confusion in prices across the country and worldwide. Since then, a "disorderly chaos" has developed in the financial states of many.
Reflection
The declining availability of the plastic money is a sign to the financial state of a country, and currently, people around the world are experiencing a declining in both of their disposable (cash) and "disposable" (plastic) money. With the increasing minimum payments and tightening terms and conditions on existing cardholders. I think that it will for sure be changing the daily living patterns of many.
Easy loans are no longer a case for many consumers. Many of the country's major credit card issuers are almost "in defense" to reduce credit limits, increase their interest rates for customers with problematic credit scores, and sending out fewer applications for new customers in response to tougher economic times and rising default rates.
Bank of America and Capital One has been posing new and stricter policies for their Visa and MasterCard holders. "In this environment, particularly now, do always make your payment on time and pay as much as you can. Don't do anything to increase your credit risk. Don't be late on your payment. Don't exceed your credit limit," as a tip provided by Bill Hardekopf, chief executive officer of http://www.lowcards.com/
As we can all see, the ripple effects are enormous. With this tightening up for credit requirements, a great deal of lives will be affected in many ways, and harsher policies are something definite that we can all be expecting for.
Connection - Bank Credit Cards
As told from the text book, Credit cards are used so much in our society that we can visualize a society without money -- a cashless society. We are so used to credit cards that many individuals and merchants would be badly affected if their use were ever discontinued. With bank credit cards, consumers can make purchases on a short-term credit at any retail outlet that accepts the bank's credit cards.
The article talks about how major chartered banks that sponsor and provide the credit card system are lowering their credit limit, and uping the interest rates for many. Also, the increasing reluctance to accept new customers since mid-2007, when the global economy encountered a disruptive turmoil and creating an uproar of confusion in prices across the country and worldwide. Since then, a "disorderly chaos" has developed in the financial states of many.
Reflection
The declining availability of the plastic money is a sign to the financial state of a country, and currently, people around the world are experiencing a declining in both of their disposable (cash) and "disposable" (plastic) money. With the increasing minimum payments and tightening terms and conditions on existing cardholders. I think that it will for sure be changing the daily living patterns of many.
