Could the reform bill be fucking us?
 

I've noticed more and more threads lately about credit cards getting declined left and right. Rebills that have been steady as a rock for months are now being declined out of the blue. My sales have been affected and I've talked with other webmasters who are feeling it too.

I find the timing pretty strange. Sure, the economy still sucks, but if nothing else, things have been pretty steady over the last few months. What IS significant is that the timing seems to coincide with the unveiling of the new Credit Regulatory Reform Bill, which looks like it is definitely going to pass by the end of the year.

The credit card companies in the US are definitely up to something. I've talked to overseas webmasters and declines on US cards have gone up like crazy for them while overseas cards seem to be fine. The funny thing is, many of these overseas countries are worse off than the US economically.

I've heard that this issue extends beyond adult, but I can't confirm that. If that is the case, that could be a huge blow to the economy. The question is why would the banks intentionally be contracting the economy? If they really wanted to help the economy they should be encouraging commerce, not blocking it. I certainly would not put it past the major credit card companies to try some shady shit to put the economy in a chokehold and then later on use it as ammunition to block legislation to watch over them? After all, who's going to support a bill that will "further cripple the credit industry"?

I'm curious what you guys think is going on.

Here is what i see, CC companies are lowering some peoples limits. As you pay off an amount they are reducing the limit on that card. Wank of America is actually canceling cards that have not been used just i case someone decides to use it.

Look in your mailbox and notice how few solicitations you have in there. The dumb thing is the cow is gone and now they are closing the barn door. CC's are considered of little value to banks at the moment as you so likely to default. Thus they are trying to limit how much people put on them.