Millie P,

Here is an individual by the name of Peter Schiff that you would enjoy listening to and he has video clips on YouTube and also at the link listed below. He has been calling the American crash since 2005.

http://www.europac.net/video.asp

It is a US phenomenon. Basically there is some fairly restrictive credit legislation coming into force in the States that is really going to limit what credit cards can do after a certain date. The reaction has been to lower limits and crank up interest rates. The credit card companies don't have time to deal with individual clients so they are just putting everyone at a high rate / low limit and then after they will restore the original rates for people who are good credit risks.

It is ...
I think this lady is from the U.S....
I think that some credit card companies are reducing credit limits in Canada.... we haven't heard too much of that on here though.

That's brutal.

I was visiting with a lady on facebook who had her credit card limit reduced by $14,000 - from $18,000 to $4000. She indicated that her credit score is in the 700's. She's got good credit, but the credit card company still did this to her.

Now it appears as if she's maxed out on her credit with this card, and I'm sure this is affecting her credit in a bad way.

I'm curious to know if this has happened to any other Canadians with their credit card??

Lady commented on Facebook Credit Card wall post:

"Because even though I only used up to 1/3 of the line at any given time, they reduced it to $4,000 from $18,000, and within $300 of what I owed on it. So, now I am "maxed" on the card. AND...today I get a letter.....after calling them asking why they cut my line...and this letter says they cannot approve my request to increase my credit line (to what it was in the past) because my "present credit limit on current account has not been maintained for at least six months" ??? What is THAT supposed to mean?
Actually it's now irrelevant...I transferred the balance of the card to another card that is offering me 0% on transfers, and have cut up the credit card."