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US Credit Card Industry Cutting Lines
Author: Ben Liu December 1, 2008
The news this morning was inevitable, with credit card companies slashing credit lines by 45% over the next year and half.
Although on one side, it may be a good idea for the issuers to limit their risk and to help consumers from racking up even more debt. However, with so many people struggling, especially those who are unemployed, the credit reductions could be dangerous and lead to defaults.
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