This recovery, slight as it is, just got a big kick in the teeth. Many credit card companies under the guise of adjusting to the new credit card laws are reducing or canceling credit to "creditworthy" customers". That is right, just when many consumers are getting ready to purchase a big ticket item, mostly out of necessity many credit card companies are eliminating the source of funding.
I certainly understand the argument that a lot of people have cut way back on increasing debt loads over the past three years, however contracting credit at the very time the economy can use some credit creation seems counter productive to me. Credit destruction never bodes well for the economy.
