Don't leave home planning to use your card without checking the credit limit first

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No Limits: Credit Card Law Skips Notice on Cuts

They used to tell you ''don't leave home'' without your credit card. These days, more helpful advice might be ''don't leave home planning to use your card without checking the credit limit first.''

Banks have slashed credit limits for tens of millions of card holders since early 2008, and data indicates most of the cuts hit people who had no late payments or other negative marks on their credit histories.

While many people are fuming about reductions they see as unfair, legislators did not address the matter in the Credit CARD Act, a law aimed at reining in abusive credit card company practices and providing better information to consumers about their accounts.

One provision, for instance, says that as of last week, banks must let people know 45 days in advance before ''significant terms'' like interest rates or late fees are changed.

But credit limits, which aren't considered one of those terms, can be cut without warning.

More...

http://www.nytimes.com/aponline/2009...gislation.html