Millions of credit-card customers can’t pay their bills
&gt; They are usually unsecured, which means lenders have little recourse if a borrower stops paying<p>This is misleading.<p>Yes, unsecured credit cards (there also exists secured credit cards which do have an attached collateral) do not have a collateral but stating &quot;lenders have little recourse&quot; is false.<p>They can collect the debt and make your life a living hell just like the hospital you went to to address your injured elbow charged you $25k for and hounds you to this day, garnishing your wages and putting liens on your property.<p>&gt; Banks including Citigroup Inc., Discover and Synchrony are shutting down credit cards that haven’t been used in a while or lowering spending limits. The companies say they were taking these measures before the pandemic as a way to lessen risk. But those moves could also leave some borrowers without access to credit just when they need it most.<p>This is more concerning.<p>Since a certain class of borrowers are being unable to honor their obligations, other class of borrowers who had opened credit lines, planning ahead, to tap into exactly during such times will now be left without access to that what they had planned for in the past.<p>This now puts a short squeeze on people who could plow through these hard times and puts them at risk of falling into the class of people who are in absolute duress.<p>Does not do good to any one.<p>I would rather have the lenders continue to keep the accounts for borrowers with excellent credit history open and unaffacted.