Besides cutting credit limits, credit card companies are raising rates and fees and suspending offers such as no-interest balance transfers, according to Nancy Trejos' story. They are also making
rewards programs less rewarding and shutting down inactive accounts.
According to a Federal Reserve survey, 20% of domestic banks have cut credit limits for existing prime, or very
creditworthy, borrowers. About 60% have cut limits for existing nonprime borrowers, and none report raising lines for those clients.
Read the whole story at Los Angeles Times »