NEW YORKâAs the economic fallout of the pandemic continues to unfold, banks are rushing to close credit card accounts or slash credit limits to curb their risk, according to one report.
One-in-four Americans with credit cards said they had an account involuntarily shut down from mid-May to mid-July, while one-in-three said their credit limit was reduced, according to a new report from CompareCards.com.
This follows a similar rate of reductions in April and comes as many Americans battle joblessness and uncertain economic futures, but now with reduced access to credit, said Yahoo Finance.