NYT: Credit Card Industry Aims to Profit From Sterling Payers
NYTimes.com: Credit Card Industry Aims to Profit From Sterling Payers
Remember the story I told you a few days ago? The story above almost 100% supports my claim that Credit Card companies do not like “Sterling Payers”. I also heard from a friend whose credit limit magically dropped over the past few months. When he contacted Chase to ask for the reason for the drop, he was told that it is regular practice for Chase to reevaluate credit limits and adjust them from time to time. What’s strange about his case is that his limit increased over the past years and that there was no change in his credit score during the whole time.
Ditch your credit cards now (if you can)! I’m using my bank ATM cards (which double up as VISAs/Mastercards) exclusively. It is a *lot* easier to budget if every card purchase you make is immediately deducted from your checking account, instead of getting that darned credit card bill at the end of the month.
The whole credit industry in the US is one big lying, blood-sucking monster. Only if you stop supporting them they will realize that it can’t go on like that.
Also, do read the account of this New York Times journalist about his personal credit crisis.
