GE Money cuts credit lines
GE Money has announced that it has made a strategic decision to limit the availability of credit to some of its customers in light of miserable financial conditions.
The group confirmed its “strategic decisions” last week, noting that some credit card limits would be cut short.
Soon after, experts were warning that the decision to chop credit card limits could be a sign that the lender has run out of cash.
‘’Basically what this means is that GE doesn’t have the money to keep lending to people and so they have to restrict what their customers can spend," said financial guru Noel Whittaker, speaking to the Brisbane Times.
However, he did concede that it might just be a prudent change in tact brought about by a decidedly dank economic atmosphere.
Indeed, the credit cards, personal loans and car loans provider announced earlier this month that it was to be the official lender of the Australian Open, suggesting that it still has a fair amount of cash to splash around.