Credit Crunch Takes New Face

CBS Evening News: Credit Card Companies Take Drastic Steps To Reduce Risk, Even At The Expense Of Good Customers

(CBS)  Dianna Kincade of Maple Grove, Minn., pays her bills on time -- but that didn't stop Sears MasterCard from cutting her credit limit in half.

"They reviewed my account and since I did not use my credit limit, they were going to decrease it," she said.

To reduce their risk, credit card companies are taking drastic steps to protect themselves from a rising wave of defaults, even if they hurt good customers, reports CBS News correspondent Randall Pinkston.

"Credit card companies are facing about $40 billion in credit card losses this year and that number may double next year," said Bernard Baumohl, chief economist for the Economic Outlook Group.

That's because more consumers are falling deeper in debt. The average American has nine credit cards and owes more than $16,000, not including mortgages.

"People have been spending far more than the growth in their wages and salaries," said Baumohl.

This decade, real wages went up 4 percent while credit card debt jumped more than 75 percent.

"So what they're doing in order to balance what is happening on the negative end is to apply some pressure to their consumers," said Emily Peters of Credit.com.

The credit card companies are:

Raising interest rates

Not taking new customers

Reducing credit limits

Closing dormant accounts

"Is it really fair for those who maintained really good credit all our lives?" asked Kincade, who actually convinced Sears MasterCard to restore her credit limit.

"Should we have to, I guess, pay for what's going on right now in the economy?"

Fair or not, it's a bill millions of Americans have to pay.

© MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Add a Comment See all 28 Comments

by jjwalken October 30, 2008 7:16 PM PDT

interesting to note the gov. has taken an ownership position with the banks due to the credit crisis and massive loans the banks were given... so why is the gov. allowing the banks to pound away at the credit card customers...that''s you and me...and continue to charge over the top interest rates to us the guys who gave them the loans???should we the taxpayers charge them 30% interest on the loans???

Reply to this comment

by me97581 October 30, 2008 7:21 PM PDT

The reduction of too high credit limits, 20k, for a retiree, and closing dormant accounts is something I have been trying to do for the last 8 years. But, the credit card companies keep raising the limits back and won''t close the accounts.

The bigger problem is that the credit agencies see both of these actions as bad and lower your credit score, instead these actions should raise your credit score.

Reply to this comment

by saltydogmoss October 30, 2008 8:52 PM PDT

I have received a cancellation notice for my credit card with bank of america due to lack of use. I wouldn''t mind that so much, except now when you have a credit card that gets cancelled, it affects your fico score. Irregardless, of the reason, it affects your fico score. That''s just not right.

Reply to this comment

by sandrap4 October 30, 2008 9:00 PM PDT

Sears isn''t the only card making changes. I just got notice that JC Penney is raising my regular rate to a ridiculous rate so effective immediately, they will be paid off and won''t be used again for a long time.

Reply to this comment

by dbor77 October 30, 2008 9:04 PM PDT

My husband had two of his credit cards with zero balances closed by HSBC. He''d had them at zero balance to increase his credit score. As far as I know the previous balances had been paid off. In the end it''s going to take off 16 points from his credit score.

Reply to this comment

by October 30, 2008 9:15 PM PDT

I use credit cards as a convenience to me. If they wish to make credit cards inconvenient for me to use, that''s their right. Having grown up in an environment in which credit was much tighter and had to be earned slowly, I have no fear of returning to those days. There will always be a local shop willing to extend "90 days same as cash" terms for my trade and that will mean zero interest for three months use of someone else''s money. As a matter of fact, shops that don''t engage in such incentives will probably go out of business anyway.

Reply to this comment

by forty5ford October 30, 2008 9:20 PM PDT

I wonder what''s going on too. Less than 30 days ago, I opened a 2nd VISA account with one of the top 5 banks. Low ''n behold they assigned me a $50,000 limit, yet my annual income is only $67,000. I called them to have the limit lowered to $5,000 and they stubbornly refused so turnabout is fair play. I didn''t activate the card, but they tried like the dickens to force me. The banking industry has rigged it so it''s a losing proposition for consumers no matter how responsible those of us attempt to be. It''s a crock of dung!

Reply to this comment

by cattiej October 30, 2008 9:38 PM PDT

I closed my Sears credit card after someone used it to buy something in my name. I had ordered a kitchen item from a shopping tv network. Someone, somehow, got my Sear Credit card number. I called Sears after discovering that it wasn''t for insurance, as I thought, but for someone to order a monthly item. I didn''t realize this for 3 months because my husband was very ill with cancer. When I called them, they said they would take it off my bill, but then they sent me a letter saying I took to much time to complain. I paid off my bill, closed my account, called them, sent them a letter asking for a letter from them saying I closed my account myself. I don''t know how it affects my credit rating, but I do know that 3 months later, I opened a credit card in my name with a guarenteed interest rate for 1 year. I pay it off monthly and if they want to cancel it,,,o.k. with me...They don''t want my business, I don''t want there''s. Who the heck invented credit cards anyway???does anyone know? Please write in your thoughts on who the culprit is.

Reply to this comment

by djlny October 30, 2008 9:40 PM PDT

johnbrown888, Just a guess, but I''ll bet you don''t vote republican and this is just a rant. Has it ever occurred to you that Wall street gives far more money to democrats than republicans. Do you think there is a reason for that?

Reply to this comment

by tannerbird October 30, 2008 9:48 PM PDT

I am all for a big interest on the loans the taxpayers are letting the banks have.

Reply to this comment

by andor3 October 30, 2008 9:53 PM PDT

It seems the banking industry is fatally flawed. They look at people as shills to be exploited rather than customers or clients to respect. When a person no longer looks like an easy mark they move on. People who use credit wisely but rarely are passed over for high risks who they can squeeze.

And now they want a business model where they make lots of money with zero risk. And if they screw up a government handout is always available.

Reply to this comment

by tannerbird October 30, 2008 9:53 PM PDT

The federal people need to check in to this with the credit cards if you pay one off your credit score should go up but it does not it will go down. the people in the usa should raise hell. If anyone knows who to contact about this POST IT PLEASE!

Reply to this comment

by forty5ford October 30, 2008 9:55 PM PDT

I wonder what''s going on too. Within the last 30 days, I opened a 2nd VISA account with one of the top 5 banks. My other bank VISA has a $3,000 limit and I don''t use any other credit cards so two of them are sufficient for my needs. I manage my financial matters responsibly, including taking pride in paying the full balance every month as well as paying on time. Low ''n behold they end up approving my new VISA card with a $50,000 limit, yet my gross annual income is only $67,000. Yet the bigger surprise happened when I called to have the limit lowered to $5,000 but they stubbornly refused. I immediately recognized the trap they were attempting to set so I figured hey turnabout is fair play. I refused to allow them to take my power away from me. They weren''t going to take my business for granted nor would I stand for their abrasive attempt to exploit and run over me. So I simply refused to cooperate to activate the card, but they sure tried like the dickens to pressure me. I ended up going to a local credit union that has several branches and they were very accommodating. Afterward I went back to the bank and closed my 5-figure account. To ''h*!! with them! Enough is enough. The banks have rigged it so it''s a losing proposition for consumers no matter how responsible those of us attempt to be. It''s a crock of dung!

Reply to this comment

by andor3 October 30, 2008 9:56 PM PDT

"The average American has nine credit cards and owes more than $16,000, not including mortgages. "

If that includes student and auto loans, it is misleading to put it that way.

Reply to this comment

by forty5ford October 30, 2008 10:04 PM PDT

tannerbird ~ the people to contact are your federal elected representatives... Senator''s and members of the House of Representatives as well as your state elected reps. The lack of regulation is partly to blame which is heavily influenced by the banking and insurance industry has the most powerful lobbying groups in Washington D.C. and at our state capitals. They''re known for contributing heavily to the majority parties at the federal and state levels. Lobbyist reform is something that has got to happen, but it will only happen if consumers revolt and stand in unwavering unity.

Reply to this comment

by longtree-2009 October 31, 2008 4:13 AM PDT

typical. people who do the right things must pay for those who don''t and never have done the right things when it comes to finances. perhaps, it is time to nationalize banks, health care, and more.

Reply to this comment

by forty5ford October 31, 2008 4:58 AM PDT

longtree ~ ain''t that the truth. like your self, we have more than enough weight to carry on our own and we sure as h*!! shouldn''t be strapped with the burden of other peoples inept financial decisions. i don''t know about you but canada and europe are sounding more and more attractive every day.

Reply to this comment

by tapsettle October 31, 2008 5:00 AM PDT

"Credit Crunch Takes New Face"

As well as an arm and a leg from the taxpayer.

Reply to this comment

by tannerbird October 31, 2008 5:30 AM PDT

forty5ford thanks for the info.

Reply to this comment

by slim1h2o October 31, 2008 6:08 AM PDT

"Credit card companies are facing about $40 billion in credit card losses this year and that number may double next year," said Bernard Baumohl, chief economist for the Economic Outlook Group.

That''s not even half of what these turds have taken in, thru sky high interest rates, and their ridiculous fees.

Remember credit card companies, what goes around, comes around.....

Reply to this comment

by u-r-right October 31, 2008 6:22 AM PDT

My wife received a Washington Mutual credit card offer almost two weeks AFTER they shut their doors! That tells me these credit card lenders have no checks and balances to really know what is going on within their own company.

Reply to this comment

by rcgreene1 October 31, 2008 8:11 AM PDT

I can''t muster any sympathy for either the credit card companies or for Miss Kincade. CC companies raised credit limits as a marketing tool and an encouragement to spend beyond need. Accounting techniques allowed this to become "assets" for the CC companies when convenient, and as "losses" when convenient. Perhaps we should simply jail all marketing executives (as well as all CC company execs).

But the folks who spend simply because they have a higher limit are at fault as well.

I DO have sympathy for those who lose their jobs and use credit cards to make ends meet. But using up credit hoping you will get a job down the line is too dangerous. The whole economic system is at fault here: no one who could make a difference cared to make a difference, except for themselves.

As for those who never spend to their limit, why get cranky over losing something you don''t need?

Reply to this comment

by gop_will_win October 31, 2008 8:47 AM PDT

I am so glad that our bailout money is going to bonuses for executives of the banks and for dividends for the shareholders.

Reply to this comment

by gop_will_win October 31, 2008 8:48 AM PDT

Here is what I suggest. Put a interest cap on credit cards. If a credit card company ecceeds the interest, fine the hell out of them.


--------------------------------------------------------------------------------

Posted by HK4U
=================
Here is what I suggest, pay your bill off every month. Then you never have to pay any interest.

Reply to this comment

by txgrouch2007 October 31, 2008 9:10 AM PDT

*** WARNING *** WARNING *** WARNING ***

Yesterday the government announced that it will use the $700 billion bailout TO BUY STOCK IN BANKS instead of buying up high-risk loans at a discount as originally planned.

IT SHOULD BE OBVIOUS WHAT AN ***INCREDIBLE*** CONFLICT OF INTEREST THIS IS, when the government owns stock in a business that IT REGULATES!!!!!

ISN''T THAT OBVIOUS??????????????????

The government will be MUCH MORE INCLINED to make regulations that are favorable to the businesses, instead of making regulations to protect the public AS THEY ARE SUPPOSED TO DO.

Our federal government has ABANDONED its purpose and become an accomplice to the WEALTHY BUSINESS OWNERS who now control our Congress and the White House.

OUR FEDERAL GOVERNMENT IS BOUGHT AND PAID FOR. They will start robbing and pillaging as soon as Election Day is over.

VOTE THEM OUT!

VOTE THEM *ALL* OUT!!

VOTE WHILE YOU STILL HAVE THE CHANCE!!!

Reply to this comment

by txgrouch2007 October 31, 2008 9:14 AM PDT

to inject this much liquidity into the system will create tremendous downward pressure on the dollar. If the dollar falls apart, the United States will no longer have the ability to fix its problems with the printing press.....
Posted by Hacker11001 at 08:33 AM : Oct 31, 2008

It will also DESTROY our ability to continue our ruinous trade deficit. We will no longer be able to buy foreign goods.

That will eliminate the incentive for foreign powers to continue buying up our debt, so the Treasury will not be able to sell bonds to support our budget deficit.

In other words, we will be FORCED TO BALANCE THE BUDGET, and INDUSTRY WILL HAVE TO MOVE BACK HERE and give jobs back to American workers when foreigners become uncompetitive due to the devaluation of the US dollar.

And that would be BAD because ... ummm .... ummm ...

This could be JUST THE MEDICINE WE NEED.

Reply to this comment

by gramto8 October 31, 2008 9:16 AM PDT

Credit card companies aren''t the only ones that need to be corrected. Mortgage SERVICING companies such as OCWEN need to be changed as well. I got behind on house payments several years ago shortly after my husband died. Instead of them allowing me to put the two payments to the end of my mortgage, they arranged it so that I had late charges accruing every month until THEY decided I could come off the program that was helping me not go into foreclosure. I really had no choice but to either go with their way or lose my home. I would up at the end of the program with an additional $4000 added to my mortgage and never a chance for the interest rate to be lowered below its current 13.25%.

Reply to this comment

by tincup356 October 31, 2008 2:32 PM PDT

can you spell conspiracy? that is what all of this mess is going to reveal.wake up people , the government of our country is in a conspiracy with wall st and the banks, and corporate America to rob the people blind and leave us in a position that will cause the middle and lower classes to be shove to the economy basement and we will never be able to rise out of.Please think twice before you use your vote,a vote for any of the conspirators in Congress that voted for the SELLOUT, is another nail in the middle classes coffin.Mark my word they are not even close to being through selling us out,they are waiting for the election because after that they know they are in the clear to do whatever they wish.If those incumbents are re-elected the only recourse the American people will have is a revolution, when will you become hungry and homeless enough to stand up for the rights as Americans we are losing fast?Time to take the shovel and clean the barn.Then time to bring to justice all the criminals who have been in on this vast conspiracy.

Reply to this comment

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[jjwalken]

interesting to note the gov. has taken an ownership position with the banks due to the credit crisis and massive loans the banks were given... so why is the gov. allowing the banks to pound away at the credit card customers...that''s you and me...and continue to charge over the top interest rates to us the guys who gave them the loans???should we the taxpayers charge them 30% interest on the loans???

[me97581]

The reduction of too high credit limits, 20k, for a retiree, and closing dormant accounts is something I have been trying to do for the last 8 years. But, the credit card companies keep raising the limits back and won''t close the accounts.

The bigger problem is that the credit agencies see both of these actions as bad and lower your credit score, instead these actions should raise your credit score.

[saltydogmoss]

I have received a cancellation notice for my credit card with bank of america due to lack of use. I wouldn''t mind that so much, except now when you have a credit card that gets cancelled, it affects your fico score. Irregardless, of the reason, it affects your fico score. That''s just not right.

[sandrap4]

Sears isn''t the only card making changes. I just got notice that JC Penney is raising my regular rate to a ridiculous rate so effective immediately, they will be paid off and won''t be used again for a long time.

[dbor77]

My husband had two of his credit cards with zero balances closed by HSBC. He''d had them at zero balance to increase his credit score. As far as I know the previous balances had been paid off. In the end it''s going to take off 16 points from his credit score.

I use credit cards as a convenience to me. If they wish to make credit cards inconvenient for me to use, that''s their right. Having grown up in an environment in which credit was much tighter and had to be earned slowly, I have no fear of returning to those days. There will always be a local shop willing to extend "90 days same as cash" terms for my trade and that will mean zero interest for three months use of someone else''s money. As a matter of fact, shops that don''t engage in such incentives will probably go out of business anyway.

[forty5ford]

I wonder what''s going on too. Less than 30 days ago, I opened a 2nd VISA account with one of the top 5 banks. Low ''n behold they assigned me a $50,000 limit, yet my annual income is only $67,000. I called them to have the limit lowered to $5,000 and they stubbornly refused so turnabout is fair play. I didn''t activate the card, but they tried like the dickens to force me. The banking industry has rigged it so it''s a losing proposition for consumers no matter how responsible those of us attempt to be. It''s a crock of dung!

[cattiej]

I closed my Sears credit card after someone used it to buy something in my name. I had ordered a kitchen item from a shopping tv network. Someone, somehow, got my Sear Credit card number. I called Sears after discovering that it wasn''t for insurance, as I thought, but for someone to order a monthly item. I didn''t realize this for 3 months because my husband was very ill with cancer. When I called them, they said they would take it off my bill, but then they sent me a letter saying I took to much time to complain. I paid off my bill, closed my account, called them, sent them a letter asking for a letter from them saying I closed my account myself. I don''t know how it affects my credit rating, but I do know that 3 months later, I opened a credit card in my name with a guarenteed interest rate for 1 year. I pay it off monthly and if they want to cancel it,,,o.k. with me...They don''t want my business, I don''t want there''s. Who the heck invented credit cards anyway???does anyone know? Please write in your thoughts on who the culprit is.

[djlny]

johnbrown888, Just a guess, but I''ll bet you don''t vote republican and this is just a rant. Has it ever occurred to you that Wall street gives far more money to democrats than republicans. Do you think there is a reason for that?

[tannerbird]

I am all for a big interest on the loans the taxpayers are letting the banks have.

[andor3]

It seems the banking industry is fatally flawed. They look at people as shills to be exploited rather than customers or clients to respect. When a person no longer looks like an easy mark they move on. People who use credit wisely but rarely are passed over for high risks who they can squeeze.

And now they want a business model where they make lots of money with zero risk. And if they screw up a government handout is always available.

[tannerbird]

The federal people need to check in to this with the credit cards if you pay one off your credit score should go up but it does not it will go down. the people in the usa should raise hell. If anyone knows who to contact about this POST IT PLEASE!

[forty5ford]

I wonder what''s going on too. Within the last 30 days, I opened a 2nd VISA account with one of the top 5 banks. My other bank VISA has a $3,000 limit and I don''t use any other credit cards so two of them are sufficient for my needs. I manage my financial matters responsibly, including taking pride in paying the full balance every month as well as paying on time. Low ''n behold they end up approving my new VISA card with a $50,000 limit, yet my gross annual income is only $67,000. Yet the bigger surprise happened when I called to have the limit lowered to $5,000 but they stubbornly refused. I immediately recognized the trap they were attempting to set so I figured hey turnabout is fair play. I refused to allow them to take my power away from me. They weren''t going to take my business for granted nor would I stand for their abrasive attempt to exploit and run over me. So I simply refused to cooperate to activate the card, but they sure tried like the dickens to pressure me. I ended up going to a local credit union that has several branches and they were very accommodating. Afterward I went back to the bank and closed my 5-figure account. To ''h*!! with them! Enough is enough. The banks have rigged it so it''s a losing proposition for consumers no matter how responsible those of us attempt to be. It''s a crock of dung!

[andor3]

"The average American has nine credit cards and owes more than $16,000, not including mortgages. "

If that includes student and auto loans, it is misleading to put it that way.

[forty5ford]

tannerbird ~ the people to contact are your federal elected representatives... Senator''s and members of the House of Representatives as well as your state elected reps. The lack of regulation is partly to blame which is heavily influenced by the banking and insurance industry has the most powerful lobbying groups in Washington D.C. and at our state capitals. They''re known for contributing heavily to the majority parties at the federal and state levels. Lobbyist reform is something that has got to happen, but it will only happen if consumers revolt and stand in unwavering unity.

[longtree-2009]

typical. people who do the right things must pay for those who don''t and never have done the right things when it comes to finances. perhaps, it is time to nationalize banks, health care, and more.

[forty5ford]

longtree ~ ain''t that the truth. like your self, we have more than enough weight to carry on our own and we sure as h*!! shouldn''t be strapped with the burden of other peoples inept financial decisions. i don''t know about you but canada and europe are sounding more and more attractive every day.

[tapsettle]

"Credit Crunch Takes New Face"

As well as an arm and a leg from the taxpayer.

[tannerbird]

forty5ford thanks for the info.

[slim1h2o]

"Credit card companies are facing about $40 billion in credit card losses this year and that number may double next year," said Bernard Baumohl, chief economist for the Economic Outlook Group.

That''s not even half of what these turds have taken in, thru sky high interest rates, and their ridiculous fees.

Remember credit card companies, what goes around, comes around.....

[u-r-right]

My wife received a Washington Mutual credit card offer almost two weeks AFTER they shut their doors! That tells me these credit card lenders have no checks and balances to really know what is going on within their own company.

[rcgreene1]

I can''t muster any sympathy for either the credit card companies or for Miss Kincade. CC companies raised credit limits as a marketing tool and an encouragement to spend beyond need. Accounting techniques allowed this to become "assets" for the CC companies when convenient, and as "losses" when convenient. Perhaps we should simply jail all marketing executives (as well as all CC company execs).

But the folks who spend simply because they have a higher limit are at fault as well.

I DO have sympathy for those who lose their jobs and use credit cards to make ends meet. But using up credit hoping you will get a job down the line is too dangerous. The whole economic system is at fault here: no one who could make a difference cared to make a difference, except for themselves.

As for those who never spend to their limit, why get cranky over losing something you don''t need?

[gop_will_win]

I am so glad that our bailout money is going to bonuses for executives of the banks and for dividends for the shareholders.

[gop_will_win]

Here is what I suggest. Put a interest cap on credit cards. If a credit card company ecceeds the interest, fine the hell out of them.


--------------------------------------------------------------------------------

Posted by HK4U
=================
Here is what I suggest, pay your bill off every month. Then you never have to pay any interest.

[txgrouch2007]

*** WARNING *** WARNING *** WARNING ***

Yesterday the government announced that it will use the $700 billion bailout TO BUY STOCK IN BANKS instead of buying up high-risk loans at a discount as originally planned.

IT SHOULD BE OBVIOUS WHAT AN ***INCREDIBLE*** CONFLICT OF INTEREST THIS IS, when the government owns stock in a business that IT REGULATES!!!!!

ISN''T THAT OBVIOUS??????????????????

The government will be MUCH MORE INCLINED to make regulations that are favorable to the businesses, instead of making regulations to protect the public AS THEY ARE SUPPOSED TO DO.

Our federal government has ABANDONED its purpose and become an accomplice to the WEALTHY BUSINESS OWNERS who now control our Congress and the White House.

OUR FEDERAL GOVERNMENT IS BOUGHT AND PAID FOR. They will start robbing and pillaging as soon as Election Day is over.

VOTE THEM OUT!

VOTE THEM *ALL* OUT!!

VOTE WHILE YOU STILL HAVE THE CHANCE!!!

[txgrouch2007]

to inject this much liquidity into the system will create tremendous downward pressure on the dollar. If the dollar falls apart, the United States will no longer have the ability to fix its problems with the printing press.....
Posted by Hacker11001 at 08:33 AM : Oct 31, 2008

It will also DESTROY our ability to continue our ruinous trade deficit. We will no longer be able to buy foreign goods.

That will eliminate the incentive for foreign powers to continue buying up our debt, so the Treasury will not be able to sell bonds to support our budget deficit.

In other words, we will be FORCED TO BALANCE THE BUDGET, and INDUSTRY WILL HAVE TO MOVE BACK HERE and give jobs back to American workers when foreigners become uncompetitive due to the devaluation of the US dollar.

And that would be BAD because ... ummm .... ummm ...

This could be JUST THE MEDICINE WE NEED.

[gramto8]

Credit card companies aren''t the only ones that need to be corrected. Mortgage SERVICING companies such as OCWEN need to be changed as well. I got behind on house payments several years ago shortly after my husband died. Instead of them allowing me to put the two payments to the end of my mortgage, they arranged it so that I had late charges accruing every month until THEY decided I could come off the program that was helping me not go into foreclosure. I really had no choice but to either go with their way or lose my home. I would up at the end of the program with an additional $4000 added to my mortgage and never a chance for the interest rate to be lowered below its current 13.25%.

[tincup356]

can you spell conspiracy? that is what all of this mess is going to reveal.wake up people , the government of our country is in a conspiracy with wall st and the banks, and corporate America to rob the people blind and leave us in a position that will cause the middle and lower classes to be shove to the economy basement and we will never be able to rise out of.Please think twice before you use your vote,a vote for any of the conspirators in Congress that voted for the SELLOUT, is another nail in the middle classes coffin.Mark my word they are not even close to being through selling us out,they are waiting for the election because after that they know they are in the clear to do whatever they wish.If those incumbents are re-elected the only recourse the American people will have is a revolution, when will you become hungry and homeless enough to stand up for the rights as Americans we are losing fast?Time to take the shovel and clean the barn.Then time to bring to justice all the criminals who have been in on this vast conspiracy.