Banks Are Cutting Credit Lines - Get Your Cash Stash NOW!

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[SchoolofPersonalFinance]

I was working at Wachovia Bank back in 2008 and remember like yesterday when I had to tell bank clients that the bank was freezing HELOC's. It was a terrible time....people crying in my office. I don't miss working in a bank lol.

[truthdogschell]

This just happened to me!!! I have perfect credit (yes perfect) never late, pay off every month. Capital One cut it down to $5, 000. They said because I never charge that much each month. I’m sure it will effect my credit score and that pisses me off!

[kelvinreyes]

Moral of the story, don’t rely on credit and CASH is king 👑

[legitKwit]

Once again, Dave Ramsey is right. Cash is king and the paid off home has replaced the BMW as the new status symbol.

[tomj]

I learned this lesson the easy way in about 2005 from reading Ric Edelman's books. He stated the cash is king and that in recessions HELOCs get cancelled and credit limits lowered. I watched during the great recession as everything he said came to pass. Despite never carrying a credit card balance or missing a due date even our card limits were halved...the joke was on them as it was still far about what we would ever need. While we weathered a 50 week unemployment stretch our savings stood at the ready but unneeded as we made ends meet on unemployment alone. I was fortunate as I had never fallen for the 0% card offers...I did use the sample cards they sent as part of the solicitations out in the garage as glue spreaders ;). During those days I'd get blank checks in the mail from our banks, credit cards and even unsolicited lenders all urging me to use them...I always immediately introduced them to my shredder. Additionally I'd get almost weekly phone calls offering 0% loans and credit transfers. I remember one time getting one and the gal offered a 0% credit card transfer and couldn't believe it when I told her I didn't have any credit card debt to transfer. Then she offered to transfer any other type of debt like auto and again couldn't believe it when I told her that I didn't have any auto debt. She then offered a cash advance to I could buy anything I wanted. I explained that I can already buy anything I wanted. She replied "Must be nice". I told her "Yes it is" and went on to explain that it's not because I was wealthy but because I don't "need" much to be happy. She finally thanked me for my time and said that I'd given her something to think about. A tightening of credit, always kicks off every recession and greatly amplifies person financial problems if you're relying upon it. Prepare accordingly.

[ddellwo]

Fortunately, I am past the stage of my life where I need to utilize credit cards other than for their convenience and “cash back” programs. However, I can certainly remember a time when my wife and I were just starting out where a dramatic spike in interest rates like this would have had a pretty profound impact on our monthly cash flow! Will have to watch my statements over the next couple of months to see if I notice any drop in my credit limits on the two cards (Discover and Chase VISA) that I use for most of my daily expenses!

[ShutterFanatic]

Cutting credit limits will reduce credit score and will increase other things like car and homeowners insurance. This will impact most people.

[jasonprocellous]

I remember in 2009 I was told my credit card companies that I could either cancel the card or they were raising my rates from 8 to 30%. That was my wake up call to never have any credit balance that I didn't have cash in hand to pay off.

[blackworldtraveler]

I prefer not to spend money I don’t have. Parents raised me this way.
My dad was right about credit cards and what’s happening now.
I’ve had my Visa Platinum and AmexBlue since early 80s and always prepaid and kept a cash balance on them like a debit card.
I’ve used these cards locally paying weekly gas, groceries, etc., in 46 states, and over 57 countries with never any debt on them.

Never really needed credit and used manual underwriting for my first home and paid off in 9 years.

But I have owned shares of Visa and Mastercard in my Roth for years.

[royjones]

They could cut my credit limit just don't raise the interest rate

[nancylpr]

Capital One did it to me. I have paid my balance in full every month for decades.

[rickyaz]

Wes Moss talks about how his line of credit was cut off in 2008. He counted on it as his emergency fund

[youngtimer]

Don’t care what interest rate is. Only care about the convenience and safety aspect of using cc.

[dougsowell]

Chase cut my CC in half. Used it here and there and rarely kept a balance. It is paid off currently.

[PulverizerA]

I've had my primary card at the same credit union for going on 30 years. I have no complaints about them.
I use it and pay it off. Been that way since probably 2011. Life is good. ;-)

[johnc]

Just "paw'd" the Like Button out here in Intel Country, Oregon. Question: Has anyone at Capital One asked cute Jenny Garner or manly Sam Jackson to make some more commercials about cutting your credit? No? But I'm sure they were paid in wheelbarrows of cash to ask people, "What's in your wallet?" Keep barkin', Pablo!

Yes... debt is poison. A teensy bit makes you feel good, but keep sipping at the credit tap and then start drinking your fill when you think you "can handle it." At some point -- sooner or later -- you will encounter just the opposite of that pleasant high... the "hemlock" or "cyanide" effect. Your stomach will cramp up, you'll get blinding headaches, your mental state will spiral down, your family will look at you with disgust, and your world will fall apart as you fall behind on all your payments, if you survive the experience. A neighbor around the corner has a new 2020 GMC Yukon, all tricked out. I checked prices (nosy neighbor I am -- busted!): they run from $50, 000 through $73, 600 out here in Oregon. I ran the numbers over the weekend using an auto loan calculator ($60, 000 price -- mid-point, 10% down, 10% "rebate." $6, 000 trade-in, 4.25% on the balance over just "72 months"). Total monthly payment: $691.86. Don't forget insurance, gas, and maintenance. Should be at least $900 or so each month to go to and from the grocery store, commute to work, show off at lunch to your co-workers, go to the beach, etc. -- for SIX freakin' years! Better hope that job is solid! Madness... madness! I am 71 and have always bought what we could pay for with a check -- cash only. If that meant buying used, that's what we did (new Hondas or used Toyotas). No HELL-OC, no mortgage (been paid off for some time!), no car loans. No cash? No buy!

[davegelormino]

What about all those reserves from the Feds buying their bonds?

[bobriemersma]

Negative interest rates will be used to nibble your cash away.

[misterallen]

Geezzzz, where you've been. This is old news.

[philippinedawn]

I just so happened to have stopped using credit cards last year, As of now I owe a total of $1984.09 with 0 apr on the last card that had debt, screw um, who needs um