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Fed says banks eye tighter terms on credit cards

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It's a Favor | 8:12 p.m. Nov. 9, 2009
By raising the credit score to get a credit card they will be doing consumers a favor by preventing them from getting into a debt trap. Unsecured debt was what pulled the trigger on the economy last year. Unsecured debt also includes mortgages higher than the value of the property.

This dance with easy consumer credit had to eventually slow down. Debit cards will still be available, but hopefully folks won't be able to run up debt that they will never repay. Many are foolish and never really planed to pay off the credit cards, and just continued to pay high interest.

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