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US: Banks Slash Credit Card Limits As Economic Crisis Not Over

While the Federal Reserve and the Trump administration plow trillions of dollars into corporate America, buying investment-grade bonds and rocketing the stock market to new highs, there’s a much different story playing out of economic hardships for the everyday American. 

There’s a massive pullback by credit card issuers at the moment, reducing credit limits and canceling accounts of consumers.

CompareCards’ new survey shows the economic fallout from the virus-induced recession is far from over. About 25% of Americans with credit cards had an account involuntarily canceled between mid-May to mid-July, while 33% said card companies slashed their credit limit. 

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