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The credit card crunch is coming and will affect consumers spending routines. Credit card companies are now along the way of reducing marketing strategies, cutting back again on rewards and increasing their underwriting requirements. This means that it will be more difficult to obtain a credit card. If you do obtain one, the benefits and credit limits might be reduced. It will mean that the eye rate you pay on balances is going to be higher. Some analysts have projected that the write off for credit card issuers in the next 18 months may exceed $55 billion. In the first 1 / 2 of 2008 over $21 billion has already been written off as bad debt. Card companies have reduced their quantity of mail out offers to levels these were in 2004. They will look at credit limits and continue to lower the most you can charge. Reward cards is going to be another casualty as card companies pare back the worthiness of the perks. Rates will probably increase and that means the interest you're pay
ing on your card will improve. For the average consumer this may or might not be a problem. If you are along the way or even thinking about applying for credit cards, it would be wise to accelerate that process. If you are carrying a balance in your card, do the best you can to repay it, the last thing you need is really a higher interest rate. If you possess a reward card, cash in your points prior to the value of the reward goes lower. A balance transfer card may be a great choice right now to reduce your curiosity payment. Many of these cards provide 0% on transfer balances. Evaluate your unique situation and take the action which will keep you financially healthy. Pay off balances or obtain a supplemental card today to best be practical. Compare these offers.






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