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January 26th, 2012
Think you still have that line of credit? You may want to check. Banks have yanked them away with few exceptions and little apology. Those in seasonal businesses where a credit line carried their business into the next cycle are particularly to vulnerable this lack of access to capital. If you use a bank credit card the same way, make sure you don’t miss a payment or you are facing a Tony Soprano-like hike in your interest rate.
Here is an article posted by Sam Thacker on the Dun & Bradstreet web site AllBusiness.com. Sam provides some good advice in case you wake up and find you line of credit has disappeared.
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