ICFE eNEWS #09-06 - March 16th, 2009
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Attention: ICFE Certified Credit Report Reviewers

Credit Cards Are the Next Credit Crunch

A November of 2008 ICFE eNEWS titled "Credit Card Holders Beware: Because Universal Default is Now in Stealth Mode" pointed out ways credit card issuers are aggressively look for ways to cut credit lines and account holders.

This retreat from new credit offers and expanding lines of credit is even affecting creditworthy consumers. Gone are the low-ball teaser rates and zero percentage rate balance transfer offers. Lenders have been tightening their standards for new account holders and to combat the still rising tide of negative accounts, managers are looking for ways to identify their present account holders ahead of time who might be headed for trouble and thereby lessen their losses. Some major card issuers are closing down inactive accounts and reducing lines of credit. Gone too are the generous rewards programs as more and more lenders cut corners to save money.

This link is to a Wall Street Journal article which has some good observations about the trend of cutting credit card limits and accounts -- which of course lower credit scores. It is a "must read" for ICFE CCRRs and interested others. View the article Credit Cards Are the Next Credit Crunch

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

 
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