Relevant:
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2008-12-02 — ml-implode.com
"If you want to understand de-leveraging, you could do worse than Meredith Whitney’s op-ed in yesterday’s Financial Times. She noted that $3 trillion of credit had been “expunged†from the economy so far this year. She also said credit card lines could be substantially reduced"
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bsimons14 at 05:51 2008-12-03 said:
Definitely. Bank of America pulled $20,000 in available credit card lines off the table from me for no apparent reason. I had owed somewhere around $6,000 on these lines. That caused a bit of a snowball effect for my particular situation as I did have other credit cards with relatively high balances. Since I lost the BOFA lines I had no choice but to pay everything out right or have my credit effected terribly. Fortunately, I had the money to pay them to prevent my credit from being hit really bad but imagine to all those people who don't who get the rug pulled out from under them. Oh and I don't think it was ironic that BOFA closed my accounts for no reason after 360 consecutive on time payments. A couple months prior I had applied for a consolidation loan for my credit cards and was rejected. In that application to BOFA I stated my assets. Perhaps they wanted to get the cash while they still could. Need I mention too that I am making more money than I ever have in my life and my overall debt ratios are down lower than they have been over the past 6 years. Well there goes the savings for a new home. Guess I'll just live in an apartment forever. Thanks BOFA. I'll never bank with them again and am pursuing legal action. We'll see where I get. Permalinkadd a comment | go to forum thread
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