In This Time of Economic Crisis, Does Paying Off Credit Cards Improve Credit Score?
With the recent fall of the economy, the industry of banking is in turmoil and scared of what may happen. For them, there is a possibility that you are not capable in keeping up with your payments in your credit cards because the nation keeps on to work its way back on track in this economic meltdown. Of course, that is a reasonable concern for the banking industry especially the economy is slowing down, lost jobs increase, and an increase in the unemployment. However, the banks are by now stumbling from the mortgage-default crisis that triggered failures of most bank and forced relationship between fragile banks and less fragile banks.
To salvage their industry, credit card issuers do something to reverse the course. They have alternative ways to lend less money, particularly on accounts that they think risky like the consumers having high-unpaid balances and bad credit scores. Most credit card companies resort to aggressive methods like reducing the limits of credit card, closure of down accounts without giving warning, and sudden increas
