Card issuers cut back on accounts, credit to reduce risk

01/6/2009 | Wall Street Journal (free content), The

Credit card companies, including Bank of America, JPMorgan Chase, American Express, US Bancorp, Washington Mutual and Wells Fargo, are taking steps to reduce their risks as the economic downturn continues. The firms are shutting down inactive cards and significantly reducing consumer credit limits, making access to credit even more difficult to obtain. Greg McBride, a senior financial analyst at Bankrate.com, said that credit card issuers have gone on the defensive by attempting to limit risks against consumer defaults.

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