Are More Credit Card Changes on the Way?

When it comes to changes to our credit card accounts, it looks like we should start to brace ourselves for another round. This is according to a recent Fed survey performed in October, in which an analysis can be found in an article entitled, "Fed Survey: Tighter Credit Card Terms Still Ahead".

This survey which included responses from over 50 U.S. banks and 23 branches of foreign banks (operating within the U.S.) were part of a routine quarterly survey. Within this survey they were questioned about the changes in credit card lending practices banks are anticipating in response to the CARD Act. For the most part, results showed that the bigger banks are expected more than others to tighten terms even more and also showed that people with bad credit are expected to be affected more than those with good and above.

While I would like to think that the worst is behind us when it comes to the changes consumers are seeing with their credit cards; we all know in the back of our minds that there will more than likely be more changes. Although we don’t know the exact changes and to what effect, we do know that if they are like those that happened before, many more people will no longer use their credit cards or they will try to find an issuer with terms that are at least semi-acceptable.