Credit Limits Being Reduced Below Existing Balances
As a followup to my earlier articles about reduced credit limits, Smart Money reports that some card issuers are actually reducing credit limits below the current balance, thereby triggering over-limit fees/penalties.
While the Federal Reserve will ultimately require that issuers give cardholders 45 days notice before reducing a credit line to the point at which it would trigger penalties, these restrictions won’t go into effect until the summer of 2010. Your best defense is thus to keep a close eye on your accounts, and to call your creditor and ask for any unfair fees to be reversed.
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