Credit cards companies ditching customers, raising fears

Tuesday, March 17, 2009

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    New legislation could make it unlawful for credit cards to raise interest rates and cut credit limits without warning consumers. (Flickr user squeakymarmot (cc: by-nc-sa))

Has a business ever offered you money to just go away? If you’re an American Express customer, you may know what we’re talking about. Credit card companies are ditching their customers—offering them cash to take a hike. Will they follow on the heels of mortgage companies and be the next to go under? The Takeaway talks to Christian Weller, Senior Fellow at the Center for American Progress and an associate professor of public policy at the University of Massachusetts, Boston.

Hosted by:

Farai Chideya

Contributors:

Stephanie Loleng

Comments [2]

simpsonsmoviestunk

not offering $ to go away they're offering $300 to pay that $3k overdo bill.

why on earth would you do amex's marketing for them? pls RAISE the bar over there in that wcky newsrm

Mar. 17 2009 07:57 PM
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Sarah

I have a credit card account I haven't used in a few years. I just received a notice from the bank that they have reduced my credit limit to $100! I don't need this card, so it doesn't cause any cash-flow problems for me, but won't this affect my credit rating?

Mar. 17 2009 09:31 AM
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