Credit Woes Hit Home
Financial-services firms aren't only tightening up on consumer credit cards, but they're also reducing credit lines, raising interest rates on and closing business credit card accounts. Many firms have even discontinued their small-business products to control risk, such as American Express ceasing its business line of credit and capital line program. For the nation's estimated 27.2 million small-business owners, the credit card squeeze means charging customers more, only accepting cash or wire transfers from customers, damaged personal credit files or worse of all, filing for bankruptcy.
Source: WSJ.com | April 4, 2009