All kidding aside, it looks like a very large portion of credit card holders aren't going to have much of a choice in this matter, as major credit card companies have begun reducing and denying credit to card holders. In the wake of the sub-prime crisis and as the focus on giving credit is shifting to Asia, many people are discovering credit shock when they open their mail...even when they are out there in the market, trying to make a purchase. 50% (up from 20%) of card holders have been hit (reduced or denied) for various reasons, from "getting caught" making purchases along side poor risks at a WalMart, to reducing lofty balances, to the neighborhoods they live in. Most any excuse will do This is a giant thread being pulled out of the fabric of free enterprise in the U.S., as many small companies relying on their credit limit to keep things up and running are being forced to scramble, denied access to the goods they need to run their businesses and, many times, down-sizing, or just shutting their doors. If a company with, let's say, a $100K line of credit is doing well and reduces its balance to, let's say, $10K, that most likely will be their new limit. They're marooned. On an individual level, a person with a credit limit of, let's say, $10K and an average balance of $3K is using 30% of their limit. If their cap is lowered to $5K, their average balance is now 60% and their credit score takes a major hit.
And where can this be traced back to? The crooks at Fannie Mae, Freddie Mac and anyone who supported the sub-prime loans and the "cast-our-fate-to-the-wind" legislation...anyone one who thought it was politically correct to make sure that anyone who wanted to live in a house should be able to, regardless of ability, regardless of citizenship and regardless of the consequences. Millions of people were given a fish, but no one was taught how to go fishing.
And while the fabric of this country is melting away, Obi Bar Kenobi is throwing the most lavish State dinner in the history of America. Just what this country needs to be up-lifted: to witness 3 hours of D.C. magic and enchantment in 4in x 4in video clips. Where the fuck does this scoundrel get off spending oodles of tax payers dollars to honor the Prime Minister of India when his country is in shambles? Or is that what he's really celebrating? Yah, Ridge is pissed today...
