It has come to my attention in Michigan and lower Ontario business owners are now using VISA's and MasterCard to charge business bills because of this economic downturn. It has also come to my attention that come the new year Jan. Feb 'ish that Visa and Mastercard are going to have a rude awakening when thousands of business owners default on their Visa bills. Apparently when I discussed this with a business consultant that this has become a trend over the past few months now that the banks are really tight on lending.

I fucking hate the banks right now for getting us into this mess. Now my job is in Jeopardy to say the least and I'm pissed.

Just saying the ripple has not even close gone across the pond yet.:(:(

Re: Local Business Using VISA to pay for Bills

hehe...I might be harsh but those ppl are fuking retarded if they are really doing that.

Re: Local Business Using VISA to pay for Bills

desperate times are calling for desperate measures.

Re: Local Business Using VISA to pay for Bills

Small businesses are probably the ones doing this, and they won't be able to do it for long. Banks aren't [I]totally[/I] stupid - they see this coming and they will just cancel your credit cards. Btw, expect a massive, unprecedented cut in the amount of credit that banks extend to consumers in 2009, combined with higher rates - you may very well get a phone call from your friendly VISA or Mastercard representative soon telling you that your limit has been cut by half. This will severely hurt consumers as the average American is in debt up to his/her eyeballs and routinely relies on their credit line to make ends meet.

Re: Local Business Using VISA to pay for Bills

what miro said. we already plannign for this.

Re: Local Business Using VISA to pay for Bills

[quote=Miroslav;685335]Small businesses are probably the ones doing this, and they won't be able to do it for long. Banks aren't [I]totally[/I] stupid - they see this coming and they will just cancel your credit cards. Btw, expect a massive, unprecedented cut in the amount of credit that banks extend to consumers in 2009, combined with higher rates - you may very well get a phone call from your friendly VISA or Mastercard representative soon telling you that your limit has been cut by half. This will severely hurt consumers as the average American is in debt up to his/her eyeballs and routinely relies on their credit line to make ends meet.[/quote]

this would cause some serious short term hurt, but i really hope they do it. they extend far too much credit to the average american. time to save people from themselves...

Re: Local Business Using VISA to pay for Bills

^^ well said.. just because so many people do it, doesnt make it the right thing to do

Re: Local Business Using VISA to pay for Bills

That's just wonderful!