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U.S. Banks Deepen Credit Line Cuts

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The FT, citing a FICO study, notes that banks reduced access to revolving loans such as credit cards and home equity lines of credit for about one in five US borrowers in the six months up to April, according to a new study from Fico, the credit scoring group. But wait, there's more: "The study shows that as banks cut credit lines for a larger share of US consumers than they had in the previous six months, they also became more aggressive in their cuts. The average decrease to a consumer’s credit line was $5,100, or 15 per cent of average total revolving credit, more than double the $2,200 average reduction in the six months to October 2008."
SOURCE:   Financial Times