Credit Crunch?

Like most Americans, I have credit cards. It's more than just a case of them coming in handy. They are almost a necessity. If you ever travel, make large purchases unexpectedly or buy anything on line, you have to have one. I never carry any serious money or even a checkbook. There is just no need.

It's interesting, with all of the talk about a credit crunch, that credit card lines of credit have not been affected, especially as more credit card debt is going into default. I carry a Visa, Mastercard and American Express card. I use all of them regularly. None of them have minimum monthly fees. I pay them off in a timely manner and they do not cost me a cent. Easiest thing in the World, just go online and transfer the money. They must like me, because my limit on the three cards, combined, is a little more than $200,000. Nobody has notified me that because of the liquidity crisis in the banking system, my available credit has been decreased. Every time I buy something, the seller kicks back a percentage to the credit card issuer. The credit card company even kicks back a little to me. I guess that's enough to keep me on the books. Works out good for me. I can only assume they have it covered.

I don't think I'm all that unusual. If all of us pulled the trigger and maxed out our cards, I'm sure trillions would be added on to the negative balance sheets of the issuing agencies and they don't seem a bit worried.

Credit crunch? Bullshit!