Have you ever raised your hurting head the morning after the night before after a little to much fun and alcohol? You know, when you’ve got a bad hangover and possibly regret some of what happened the night before.
It’s much the same thing that is going on at credit card companies right now. Now that the economy looks like it’s in free fall, credit card companies are looking to recover from their credit orgy and cut your available credit, raise your interest rates and possibly even close your account.
Before you head on for upcoming holiday shopping it would be a good idea to contact your credit card company by phone or on their web site to make sure you know what your credit limit and balance are now.
You don’t want to wind up like many have recently, surprised at checkout that their card was rejected.
Be sure to open all the letters from your credit card companies to make sure one of those letters is not the typical blank checks, but a notification of changes to your account.
A CNN story actually provides an unusual but logical bit of advice, if you only have one credit card that you are dependent on, get a second one. If you aren’t sure where to look for a good credit card to consider, you can look for the best credit card deals available right now.