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The credit card companies will lower the credit limit on the cards in a recession. People in the 2008 recession thought they could live off their cards for yea
by jarsin 8y ago
The credit card companies will lower the credit limit on the cards in a recession.
People in the 2008 recession thought they could live off their cards for years only to see their limits slashed drastically.
- gregpilling 8y agoSame for Home Equity lines of credit. I had a friend who was a banker, he had planned on using a $100K HELOC to remodel his house. He was stunned when Chase dropped his Line from $100K to $5K. Killed that remodel. When I heard that, I maxed out my line of credit and stuck the money in a different bank. That choice got me through 2009. Glad I did it.