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2 Trillion Dollar Contraction

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Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Link: http://www.marketoracle.co.uk/Article5165.html

Excerpt: "Washington Mutual (WM) cut back the total credit lines available to its cardholders by nearly 10 percent in the first quarter of the year, according to an analysis of bank regulatory data. HSBC Holdings, Target (TGT) and Wells Fargo (WFC) each trimmed their credit card lines by about 3 percent.

Among those four lenders, that amounts to a reduction of about $15 billion in three months. Over all, the amount of available credit for the industry appears to be about flat, with the three biggest issuers — Bank of America (BAC), JPMorgan Chase (JPM) and Citigroup (C) — slightly increasing their overall credit lines. But even they are trying to rein in risky individual accounts."

The party's over.
 
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