Credit card lines to be cut by $2 trillion

by Sundeep Kothari

Credit card lines to be cut by $2 trillion

Credit card companies are expected to cut credit lines by $2 trillion over the next 18 months.

This will lead to a sharp drop in consumer spending, which will lead to more trouble for retail businesses, which will lead to retailers laying off workers, which will lead to more foreclosures, which will worsen the economy.

But since banks have no money to lend out, they have no choice.

CitiGroup expected to cut another 50,000+ jobs

by Sundeep Kothari

CitiGroup,  major credit card holder and banking giant, expected to cut over 50,000 more jobs and sell off numerous assets.

Citigroup to cut 10,000 jobs

by Sundeep Kothari

Citi plans on cutting 10,000 jobs, and will increase credit card interest rates by 3% for a significant number of card holders.