dcsimg

Credit Limits Being Reduced Below Existing Balances

Written by admin - Leave a Comment

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.

Via: The Consumerist

Share and Enjoy:
  • del.icio.us
  • Digg
  • Facebook
  • LinkedIn
  • Twitter
  • Yahoo! Buzz

Comments (scroll down to add your own):

None so far - share your thoughts and be the first!

Leave a comment

Subscribe without commenting

Get free updates...

Articles via e-mail:

Search this site...

Sponsors...


Credit card resources...


Recent articles...

Recent comments...

  • Leigh: Title says 35 secrets, but there is only 10…?
  • George: Personally, I think that credit cards should be paid off first since...
  • John: Hi , could someone tell me how much my credit card is worth ,, I have a...
  • mark Kesler: Where is the link to sign up online? I can’t find an...
  • teresa swett: my business was needing IRS 1040 – Schedule E earlier...
  • Marie: Hello, I have vintage credit cards I would say from the 1960’s...
  • 118 118 Money: Get more information about how 118 118 money loans work : Who...
  • Lisa Malcomb: I have a problem and cannot get a hold of a real human on...

Most talked about...

Disclaimer...

    The terms of third-party offers referenced on this website are subject to change without notice. While we strive to maintain timely and accurate information, offer details may be out of date. Visitors should thus verify the terms of any such offers prior to participating in them. Please see our terms of service for additional details.