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“It is kind of an extraordinary action, but these are extraordinary times,” said Ben Woolsey, director of marketing and consumer research for CreditCards.com. — Balimore Sun
The media and business community has been feverishly hyping and trumpeting the economic crisis that started in September as if they were blindsided by it like a drunk crashing into a crowd full of people on a friday night drive. While the common person may be fooled by the economists and mainstream media gurus, the knowledgeable person knows that this economic crisis has been a long time in the making.
The reliance on credit, loans, mortgages, and imaginary money was not always so prevalent as it is in today’s society. Back in the day, people actually used to save, nations used to produce and consume at a somewhat level rate, and countries were composed of somewhat homogeneous populations accounting for a relatively stable society and economic system.
Here is an expert about what to expect at the retail level.
“Retail Businesses: Since they will be unable to process even simple transactions, all retail establishments, both large and small, will immediately lock their doors to prevent anyone else from entering. If possible, they will complete any transactions for customers already inside their building if those customers have enough cash to pay for their purchases. Any customers wishing to pay by check or credit card or debit card will be told that the verification system is down and their transaction can’t be completed. All customers will then be immediately escorted to the doors and the doors will be briefly opened and then immediately locked after they exit. In addition, in a manner similar to what happened during the World Trade Center meltdown, each store’s management may demand that their employees remain at their stations until further notice or they will lose their jobs for leaving without management’s permission. But most of the more intelligent employees will leave at the same time as the store’s last few remaining customers. The store’s special security guards may or may not remain behind in order to protect the store with their lives. Since most of these special security guards are not paid exceptionally well, a large number of them may decide that they should return home and protect their own families instead.” (Source: The One-Hour Meltdown Copyright © July 22, 2009 by Robert Wayne Atkins, P.E.)
Citi starts closing Mastercards without warning
People across country reporting their cards linked to gas companies denied
By the Associated Press
NEW YORK – Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected.
Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville, Md., resident got a copy of her credit report online, the only negative thing she saw was “closed at credit grantor’s request” on the Shell MasterCard account.
“They said there was a routine review,” said Burdette, who maintained that she and her husband, Brian, used the card regularly and always paid the bill on time.
Citi would not say why the cards in question were shut down, issuing a statement that said only it continuously evaluates its products.
“It is kind of an extraordinary action, but these are extraordinary times,” said Ben Woolsey, director of marketing and consumer research for CreditCards.com.
Before it became the worst credit crisis since the Great Depression, the credit crisis used to be an arcane topic discussed only in financial publications. Now, it’s on every computer, television screen, and front page of every newspaper in the world.
It may have you worried about what you can do to get through it with your personal finances still intact. What can you do about it?
Download Your Free Credit Crisis Survival Kit
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