Ted Rossman
speaker
196 appearances
4 recordings
1 series
first heard Dec 2018
last heard Apr 2020
Ted Rossman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Credit Card Companies Are Lowering Your Spending Limit · 27 Apr 2020
podcast
But even some higher income and higher credit folks have this happen to them.
On their recent earnings call, Synchrony mentioned that they are constantly reassessing credit lines.
And they're a big issuer of store cards.
And they tend to cater to more of a low income, low credit audience.
So that's one specific example.
But I do hear other examples, even for more affluent folks to
It's really tough timing.
The good news is that if you're proactive, help is available.
That's really key.
If you fall behind and they have to chase you down, they're probably not going to be very forgiving.
But if you speak up and you ask for a break,
Maybe they will lower your interest rate or let you skip a payment, sometimes even without interest.
These hardship programs can protect your credit score as well.
Almost all the big banks are offering help.
Apple Card, American Express, and Capital One have been among the most generous.
But just about everybody has a hardship program.
It's not automatic, though.
You need to ask for it.
I've changed my normal advice here.
Typically, what I would say when you have found money, like a tax refund, I would normally say use a lot of that to pay down your high-interest credit card debt because I don't want you to pay 15% or 20% on your card.
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