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We all know, as you said, that these credit-card companies are "greedy usurious bottom feeders". Well said!
They've encouraged us to take on incredible debt, and they had no problem taking our money when the economy was humming along. You can damn well bet that your card wouldn't have been denied like that two years ago.
The money was still flowing at that point. They didn't want to piss you off and cause you to cancel, when you were a source of profits.
Now, things have changed. Left and right--these credit card companies are deliberately trying to get people to cancel their cards--by treating them unfairly and immorally. People with stellar credit histories are seeing their credit lines slashed in half. People are being charged exorbitant fees for having balances greater than the newly-adjusted balances!!! So, you've got a $5000 line of credit, but Citi informs you that it's now $2,500. But you've got a $3,000 balance. Too bad, you've got a $75 penalty fee every month until you're under that newly imposed $2,500 credit line. RIDICULOUS!
These banks fully understand that this economy is swirling down the toilet--and will continue to tank. They don't want consumers holding their cards when the shineola hits the fan and people begin panicking and stockpiling--with no intention of paying off the bill.
They know very well that economic armageddon is imminent. They're canceling cards, but they're also driving people to cancel as well.
Again--these are greedy, evil bastards. If there's a nickel to squeeze out of someone--they're all over it. These credit-card companies realize that the party is over--and all of the nickels are gone.
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