I recently had almost $30,000.00 of credit stripped from my accounts. It was a shocking surprise. One credit company went under and simply was not able to extend any more credit. Another capriciously decided to lower limits. One was on a Bank of America credit card I have used for over 40… that’s forty… years. All during that time of over four decades, I paid on time every single time. I would have thought I was a pretty good bet to continue doing so. They did not.

I can tell you it was not pleasant. I had counted on that credit to cushion our family during this economic down time.

But I had not counted on it too much. (more…)