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CC Start Cutting Limits for People Facing Tough Times


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Credit Cards Start Cutting Limits for People Facing Tough Times

 

 

 

 

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Subprime Discovery Financial Services just became the largest lender yet to acknowledge it’s begun reining in lines of credit. In a regulatory filing late Wednesday, the firm said it’s also easing off efforts to sign up new customers and that it expects to take a hit from programs letting existing borrowers skip payments or delay the accrual of interest.

 

Edited by hegemony
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This is going to put a dent in the supply of subjects for misleading stories that shamelessly propagate erroneous myths about when debt collectors can legally seize money from homeless transgender widows with cleft palates and PTSD from rescuing kittens from kill shelters during four heroic tours in Iraq.

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1 hour ago, IndyPoolPlayer said:

In one way, the lenders are saving customers from themselves. Prevent people from living off credit cards, running up massive revolving debt paying for daily expenses, then when this is over declaring BK.

I'll post a link to this whenever someone starts a thread bitching about subprime discovery, synch, etc. THEFTED their limits.

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3 hours ago, IndyPoolPlayer said:

In one way, the lenders are saving customers from themselves. Prevent people from living off credit cards, running up massive revolving debt paying for daily expenses, then when this is over declaring BK.

The only group lenders are saving are themselves.   I did exactly what you laid out back in 2008 with a bk in 2010 and I would do it all again if I had to in order to keep myself on rung 1 of the chart.   

See the source image

Thankfully and nerve rackingly, I am an essential worker with a company that is keeping it's head above water as the world goes crazy.  I also have 3 years worth of living expenses (formerly a down payment fund) of liquid savings.  So financially at least I'm doing ok in this pandemic BUT much like my last rodeo,  an illness with costs exceeding my HMO maximums could put me right back to square one and I will always choose me over US Bank, Barclay, SDFCU, NFCU......  This is not a moral decision, it's a business decision for Allkindabroke Inc.  

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58 minutes ago, Allkindabroke said:

The only group lenders are saving are themselves.   I did exactly what you laid out back in 2008 with a bk in 2010 and I would do it all again if I had to in order to keep myself on rung 1 of the chart.   

See the source image

Thankfully and nerve rackingly, I am an essential worker with a company that is keeping it's head above water as the world goes crazy.  I also have 3 years worth of living expenses (formerly a down payment fund) of liquid savings.  So financially at least I'm doing ok in this pandemic BUT much like my last rodeo,  an illness with costs exceeding my HMO maximums could put me right back to square one and I will always choose me over US Bank, Barclay, SDFCU, NFCU......  This is not a moral decision, it's a business decision for Allkindabroke Inc.  

 

Too many of us are just like that, one catastrophic illness away, requiring critical care, can wipe out just about anyone's finances if not adequately insured.

 

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2 hours ago, Allkindabroke said:

The only group lenders are saving are themselves.   I did exactly what you laid out back in 2008 with a bk in 2010 and I would do it all again if I had to in order to keep myself on rung 1 of the chart.   

See the source image

Thankfully and nerve rackingly, I am an essential worker with a company that is keeping it's head above water as the world goes crazy.  I also have 3 years worth of living expenses (formerly a down payment fund) of liquid savings.  So financially at least I'm doing ok in this pandemic BUT much like my last rodeo,  an illness with costs exceeding my HMO maximums could put me right back to square one and I will always choose me over US Bank, Barclay, SDFCU, NFCU......  This is not a moral decision, it's a business decision for Allkindabroke Inc.  

You need to post that pyramid over at Myfako. I guarantee they would have to google the meaning of each rung.

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2 hours ago, TheVig said:

You need to post that pyramid over at Myfako. I guarantee they would have to google the meaning of each rung.

Physiological - plasma TV, beer
Safety & Security - access to payday loans
Love & Belonging - at least 14 Comenity store cards.
Esteem - obtained all 14 of them with NO INQUIRIES via shopping cart trick!
Self Actualization - a 96 month used truck loan with nothing down!!!!

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23 hours ago, Allkindabroke said:

 I also have 3 years worth of living expenses (formerly a down payment fund) of liquid savings.  So financially at least I'm doing ok in this pandemic BUT much like my last rodeo,  an illness with costs exceeding my HMO maximums could put me right back to square one

HMO? I thought HMOs were pretty much phased out after the ACA passed because of all the new requirements.

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9 hours ago, IndyPoolPlayer said:

HMO? I thought HMOs were pretty much phased out after the ACA passed because of all the new requirements.

No, at least with my employer HMO's which I personally hate are the more affordable option.  Last year I was paying $530/month for United Healthcare 90/10 PPO and went to the doctor a grand total of twice.  I switched back to the $234 a month for Blueshield HMO just in time for a pandemic because good old fashioned dumb luck but hopefully, I won't need to use the plan at all.  

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Hate to say it but HMOs are still alive and well. 
 

As the HR director for my company, shopping insurance is one of the things I do. Cost comparison between an HMO and PPO is pretty much in line with what allkindabroke states. BCBS being slightly less in the PPO side and United slightly less on the HMO side.
 

For a family of 4, I’ve had to advise our employees they’re looking at between $1263 and $3106 out of pocket costs for the 5 different plans we offer. A single person averages $900 a month. It’s just not affordable and we have few takers. 
 

If there was one thing I’d like to see fixed in this country, it would be health care. 

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12 hours ago, IndyPoolPlayer said:

HMO? I thought HMOs were pretty much phased out after the ACA passed because of all the new requirements.

They are definitely still around. Even in the ACA marketplace.

Since I’m self-employed I have to get my insurance through the marketplace. I have a PPO plan that costs several hundred dollars a month. But each year when I login to update info and select my plan, I browse the lower tier plans out of curiosity. There are some plans that are in the $25 per month range. They don’t seem to cover much at all.

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As expected:

 

☆ Discover sets limits lower on new accounts, grants fewer hikes

☆ Synchrony says it’s reevaluating customers’ creditworthiness

 

https://www.bloomberg.com/news/articles/2020-04-23/credit-cards-start-cutting-limits-for-people-facing-tough-times

Edited by creditmaze
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  • 7 months later...
On 4/23/2020 at 5:28 PM, Occam said:

Physiological - plasma TV, beer
Safety & Security - access to payday loans
Love & Belonging - at least 14 Comenity store cards.
Esteem - obtained all 14 of them with NO INQUIRIES via shopping cart trick!
Self Actualization - a 96 month used truck loan with nothing down!!!!

 

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