Everybody is hurting in these rough economic times. Now, one of the most respected names in the credit card industry is doing their best to remain viable in a tough situation. The latest headlines include American Express significantly reducing advertising, lowering credit limits, increasing APR's, and the outright canceling of some people's cards.
I just wanted to wish everyone a happy holiday season and a great new year!
Credit has become such an issue that the government has created a kitschy web site devoted to teaching consumers the basics of how the system works. Yes, welcome to the 'Bad Credit Hotel' located over at ControlYourCredit.gov. Staffed entirely by African-Americans for some reason, this slow-loading Flash 'game' has the feel of the old graphic adventure computer title…except it seems to be lacking the fun. I wonder how many tax dollars were spent on this…
The link for the Flash version is here, the non-Flash version is here.
It's not until you start a industry-focused blog like this that you really begin noticing all of the changes taking place in that industry. Well, right now I can plainly see that the credit card and banking industry is really hurting. It's hard to find any bank that isn't in a distressed situation, trying every tactic available to cut costs. It's taking a ton of time just to keep up with the changes that are happening week-to-week!
