Sunday, March 15, 2009

Check your Credit Card limit before your next purchase

Banks across the country have revised the limit of credits cards based on consumer spending pattern. Hence if you have missed your payment couples of times than there are chance that your limit might have got reduced drastically. This is one of the methods used by the banks to avoid risk at the later stage. Many people are under shock because their credit limit has been decreased by almost 70%.
The cards which were earlier given free without any questions are now being withdrawn from the consumers. Also personal loans are being given along with freebies to make people pay for their unpaid dues. Banks are making all effort to clean their books before more problems starts to hound them. On one end economy is in bad shape and consumer spending is required to pick the sentiments up while on other hand credit availability has reduced a lot. Government has made lot of efforts but it still needs to be seen how much of these benefits reaches to the consumer. Not only US but most of the economies of the world are reeling under severe credit crunch which has made the credit situation across the world worse. However things will start to improve soon because we have passed much of the time under recession. Only small pain is left and we hope this will also pass soon.                                                              

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