Banks will start will cutting borrowing limits on credit cards as the unemployment picks up in the US. Capital One starts the crackdown which set off a swift outcry on social media.
Some customers have complained in recent days their limits have been slashed by a third to two-thirds, crippling their ability to borrow from their emergency backups or lifelines.
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Links from the RTD show:
1. Capital One Cuts Card Limits Amid U.S. Jobless-Aid Impasse https://www.bloomberg.com/news/articles/2020-08-28/capital-one-cuts-card-limits-amid-u-s-impasse-on-jobless-aid