(LA Times) Chase makes it easier for consumers to overspend

Posted by Kendall Harmon

{Consumers are]...carrying less debt. The New York Federal Reserve reported this week that consumer debt had dropped by $60 billion in the most recent quarter as households "deleverage" to cope with tough times.

So how are some banks responding? They're making it easier for people to run up balances on their credit cards.

In other words, they're trying to get people to once again bury themselves in debt.

Case in point: Chase Freedom MasterCard holders are receiving notices that in addition to new benefits, their cards are being automatically switched from having credit limits to credit access lines — unless customers opt out of the change.

Ugh--read it all.

Filed under: * Economics, PoliticsEconomyConsumer/consumer spendingPersonal FinanceThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--

4 Comments Posted December 2, 2011 at 6:15 am

To comment on this article: To article and comments

<< Back to main page

The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/39984/

© 2014 Kendall S. Harmon. All rights reserved.

For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com