Credit card companies are slashing people’s credit limits without telling them

ATLANTA, GA — Channel 2 consumer advisor Clark Howard warns that the next time you go to use your credit card it may be declined.

Channel 2 anchor Jorge Estevez and Howard talked about a scary new credit card company trend.

The credit card companies are getting strict because the banks are worried people won’t pay.

“The banks are afraid that a lot of people are going to default on their credit. So, they are without notice cutting your credit off,” Howard says.

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Here is how Howard says for you to be prepared:

  • Have at least one additional card from another bank or credit union.
  • Make sure you have credit cards, not store cards.

“It doesn’t matter if you are current on your payments or have a good credit score,” says Howard.