CNBC reportedly chasing down rumors of UK Credit Card being declined in greater Europe...

[galileoreloaded]

Here is the link. 2-3 min. in.

http://www.cnbc.com/id/15840232?video=881434420

[grasswire]

1. oboy

not good.

[lonestarnot]

2. Wow they said shock and awe.

[lligrd]

7. Yep, They Wanted Shock And Awe

And they are getting it.

[lonestarnot]

16. Wonder if they read the book?

[magellan]

3. Which UK credit card??

[Mojambo]

4. When people's credit cards stop working, that's when the world starts to burn. n/t

[CoffeeCat]

5. The cessation of credit-card spending....

...or at least a great deal of it--is going to happen.

Two days ago, Bank of America released that they are cutting off credit to their
lower-tier customers. In effect, their lower 60 percent of customers are being
told that they can no longer use their Bank of America card. All credit is gone
for those people.

It's begun. The credit card companies pillaged us as much as they needed to. Now,
they're going to cut everyone off--using multiple strategies. Stores won't accept
cards. People will be directly cut off from their credit cards. The credit-card
companies will impose outrageous restrictions and demands for higher monthly
payments--leaving customers destitute and unable to pay. Then, those customers
will be cut off from further credit.

When consumers cry "foul", the credit card companies will say, "Hey buddy! It's all
there in the fine print! You signed the contract, but you forgot to read the 2 point
type!"

The credit card companies own anyone who has a card. They're about to start calling
the shots is reprehensible ways.

Obviously, drastic reductions in credit-card spending will cause mayhem. Many will
become instantly destitute. Untold numbers of businesses will fail, resulting in
widespread unemployment, an imploding economy and further panic in the stock market
and on banks.

[Horse with no Name]

6. You know I was at a "strip mall" today

And not ONE offer for a credit card. I didn't realize they had cut credit off.

[CoffeeCat]

8. Bank of America is the only...

...card that I know of--that is cutting off credit to card holders.

This CNBC report--was about European stores refusing to accept some European credit
cards. They were tracking down the source of the information that was reported, but
not confirmed.

I've been screaming from the rafters for quite some time--about the deep economic
trouble we'll experience--when the credit bubble pops. Our economy has been propped
up on credit-card spending, people taking out home-equity loans and other
store credit cards.

My concern was that people were maxed out on their cards, or that they were in "paying off" mode,
and that the party was over.

Then, two days ago--we saw that Bank of America is cutting off credit for more than half of their
customers. Apparently, they're running credit checks on their customers. If you have less-than
stellar credit, they prevent you from doing anything with your Bank of America card, except
paying off your existing debt. They're running full credit checks...they're not just
looking into your Bank of America payment history, they're cutting off customers based on their
FICO scores.

It seems to me that the credit-card companies are going to begin using ANY excuse to cut off
customers from credit lines.

It's just....mind blowing...when you contemplate what is coming down the pike for the US economy
and the citizens of this country!

[Horse with no Name]

9. I honestly don't know what other "bubbles" can burst

I guess if there are any more--we'll know soon enough.

[CoffeeCat]

11. The "Main Street Bubble"...

...hasn't fully burst yet, but it's about to.

For at least two decades, our entire economy has been propped up by people
spending money that they didn't have.

They put it all on major credit cards and store cards. They took out home-equity
loans and paid for vacations, furniture and computers.

All of that spending...is going to quickly grind to a halt. People can't get home-equity
loans like they used to. They're maxed out on their cards, and now some of the credit card companies
are cutting people off.

The Main Street Bubble is going to be the pop heard 'round the world.

[Oregone]

10. "In effect, their lower 60 percent of customers are being told that they can no longer use their"

source?

[CoffeeCat]

12. I will find a link...(nt)

[Horse with no Name]

13. The only thing I can liken this to

is if you made all the meth addicts go cold turkey.
It will end the same way, I fear.

[Oregone]

14. I was asking for a source...

that credibly states 60% of BoA customers have been told they can no longer use their credit cards...

60%...thats probably millions of people (BoA owns my MBNA card now too). I would assume this would make major headlines.

If it hasn't made headlines, it likely hasn't happened. So rather than being substantial, or even a viable rumor, at times like this, it could be called (and cause) irrational fear.

[depakid]

15. Feeding the panic just as they fed the bubble

Essentially the Fox "news" of the financial world.