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Independent voices from the The Washington Times Communities
Topic - Bill Hardekopf
Call it the law of unintended consequences. That's what many finance experts are saying will be the result of Congress' latest attempt to micromanage the world of consumer credit through the financial-reform measure President Obama signed into law last week.
"We know that over the past 18 months, banks cut credit limits for 58 million cardholders," citing escalating delinquencies, said Bill Hardekopf, author of the Credit Card Guidebook.
Surveys show many whose credit was cut would like to get more credit, but banks have been unwilling to accommodate them, Mr. Hardekopf said.