Before making a major purchase — such as a car, home or costly appliance — you probably ask the salesperson some tough questions. But do you pose similarly challenging inquiries to the bank when you’re applying for a credit card?
The Center for Responsible Lending (CRL) thinks you should.
Lots of corporate news today confirms that as credit card delinquencies rise in this sour economy, card issuers are tightening their lending standards.
Credit card issuers sharply tightened lending standards in July, hiking rates, slashing credit limits and generally getting stingier about issuing cards, according to a Federal Reserve survey released Monday afternoon.