Updated: May 25, 2021 08:32 PM
Created: May 25, 2021 08:27 PM
ROCHESTER, NY (WHEC) – Today’s Consumer Alert takes a close look at credit card cancellations. The first few months of the pandemic were frightening. The foreclosure led to an economic collapse. And you and I weren’t the only ones suffering from the pandemic panic. Your banker was terrified.
When times are good, it’s easy to get credit and the money is flowing. Consumers and their cards have a warm relationship, and for card issuers, all is well with the world. But when the economy collapsed and unemployment skyrocketed, bankers had no idea who was working and who was not. And for those who are busy lending money, these are nightmares. So they took this approach. They closed your credit card and lowered your limit, without asking you. According to research by LendingTree, this has happened to one in three consumers. And it is more likely to have happened if you have used the card little or rarely.