Consumer Credit Lines Likely to be Cut

Here’s an interesting article from Reuters which suggests that the “U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending.”  And here’s a similar piece from CNBC

This concern is likely why Treasury Secretary Paulson has redirected part of the TARP (Troubled Assets Relief Program) funds passed by Congress to the bolstering of consumer credit.  The Dow Jones was sharply down today on this and other bad news — including confirmation that the U.S. economy is in recession. 

If you fear running into credit problems (though not necessarily problems related strictly to your credit line), the library may have some books which would prove useful.  Try some of these credit repair titles:  50 Ways to Protect Your Identity and Your Credit:  Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports by Steve Weisman; The American Bar Association Guide to Credit and Bankruptcy; The Complete Idiot’s Guide to Improving Your Credit Score by Lita Epstein; Credit Repair by Robin Leonard; Credit Repair:  What the Credit Industry Doesn’t Want You to Know by Richard L. DiMaggio; The Credit Repair Kit by John Ventura; Credit Repair Kit for Dummies by Steve Bucci; Deal with Your Debt:  The Right Way to Manage Your Bills and Pay Off What You Owe by Liz Pulliam Weston; Repare Su Crédito Hoy by Luis Cortés, Jr. en colaboración con Karin Price Mueller; Girl, Get Your Credit Straight!:  A Sister’s Guide to Ditching Your Debt, Mending Your Credit, and Building a Strong Financial Future by Glinda Bridgforth; and Good Debt, Bad Debt:  Knowing the Difference Can Save Your Financial Life by Jon Hanson. 

Other books/media we have concerning consumer credit in general include:  Chain of Blame:  How Wall Street Caused the Mortgage and Credit Crisis by Paul Muolo and Mathew Padilla; The Great Crash of 2010:  How to Prosper in the Crash That Follows the Greatest Boom in History by Harry S. Dent; In Debt We Trust: America Before the Bubble Bursts (DVD); Maxed Out:  Hard Times in the Age of Easy Credit by James Scurlock; and The New Paradigm for Financial Markets:  The Credit Crisis of 2008 and What it Means by George Soros.


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