50% of Americans Couldn't Come Up with $2000

[classicman]

Originally Posted by Spexxvet

I don't think either of your arguments is absolute. tw is right that those things can happen, and you're right that it's getting less likely to happen.

It is a fact that card companies are canceling dormant or unused cards. They are not making any money on the card if it isn't used. They will extend that credit to someone else who will use it - that is how they make money. They can only extend so much credit and to have it "wasted" on someone who is not using it is not a fiscally sound business plan.

I too was unaware of this until about 2 years ago when a card I kept just for emergencies was canceled without notice.

Originally Posted by Spexxvet

To categorize his assertions as FALSE is Intellectually dishonest, IMHO.

Spreading misleading information and blatant falsehoods is intellectually dishonest. Your ire is also misdirected.

[Fair&Balanced]

Originally Posted by classicman

It is a fact that card companies are canceling dormant or unused cards. They are not making any money on the card if it isn't used. They will extend that credit to someone else who will use it - that is how they make money. They can only extend so much credit and to have it "wasted" on someone who is not using it is not a fiscally sound business plan....

...Spreading misleading information and blatant falsehoods is intellectually dishonest. Your ire is also misdirected.

The big three - Chase, Citi, BOA (who along with Amex represent more than half of all card isusers) - dont cancel dormant cards. Their policy is to provide a notice of pending cancellation unless the customers requests the card to remain active.

It is primarily Capitol One and a few small bank insurers that have a cancellation cause with no recourse.

So I would suggest that your statement is spreading misleading information to some degree.