[/caption]By now you may have heard about the changes in the credit card laws coming next month. Most stories that I have heard revolve around the great benefits and new protections for consumers that are built in. It turns out that is not the whole story.The article linked below uncovers what the banks will be doing to verify your income. The credit reporting agencies will now be using records they obtain from many industries to "estimate your earnings" they will adjust your credit line based on what they estimate your salary is regardless of what you say it is.
The article further predicts that small business owners, who have been relying on the cards to cover gaps in income, will be the most affected by these changes. Read more about this at: Credit Card Changes Coming
Clearly a smart strategy would be to plan on a new year of not relying on your credit cards. Start now before the banks start randomly reducing your credit lines that you may be counting on. By taking action now you can avoid getting caught down the road with no options.
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