Credit Card Limits Cut to Avoid Late Payments During Pandemic!

Have you noticed your credit card limit has been cut? If so, that's because of the COVID-19 pandemic. Lenders made the move to curb losses from cardholders who are unable to make card payments. According to a new survey, almost 50 million Americans have had their credit card limits cut and in case you didn't know it's not a requirement for lenders to inform customers of this. Credit card debt was already an issue for many Americans, but once COVID-19 was factored in things became worse. As a matter of fact, late card payments were at a seven-year high before COVID-19 hit.