When I went into business for myself a few years ago, I expected that, at first, the business would not earn enough to cover my living expenses, and I’d have to go into debt. And that, indeed, is what happened. But I got past that, and now I earn a pretty good living, and I’m making progress at paying off the debt.
So I was taken aback when I got a missive from my bank today that they were refusing to renew my Visa card. OK; it’s not quite as bad as that: they lowered its credit limit to just over the current balance, so that I can’t make any substantial purchases. They also didn’t send me a new card when the old one expired at the end of the year.
It isn’t an emergency: in the last few months, I’ve actually started saving money again, so I don’t need the card for current expenses. But not having it is an inconvenience, and if something should happen that wipes out my savings, I’m screwed.
15 months ago, when we were worried that the economy was about to go off the rails, we were told that the problem was that the banks had become illiquid and couldn’t lend. And we turned over billions upon billions of dollars in bailouts so the banks wouldn’t go kablooie.
And now everything’s rosy again, and the banks have mostly returned their bailout money, and now they cut me off, after I paid my bills faithfully every month for years.
Oh yes, we’re recovering, all right….