We've received multiple anecdotal reports of banks cutting back credit card limits for customers who've been paying as agreed. These are high FICO score customers who've had no delinquencies.
One can imagine what's happening to folks who have actually missed a payment.
With spiralling prices, credit has been a lifeline for some borrowers—and it reflects in the numbers. Bank credit card borrowing exploded by 13.8% through December.
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