photographer credit card

What’s your credit score, and does it matter? Credit card companies are raising rates and lowering limits of people who have paid their bills on time. The U.S. House voted to freeze interest rates and fees for nine months and impose strict new rules on credit card companies. That doesn’t take effect until February 2010. Hmm, lucky for the credit card companies it didn’t take effect immediately.

The U.S. House, in a slap at the credit-card industry, on Wednesday voted to freeze interest rates and fees for nine months and to immediately impose strict new credit-card rules currently set to take effect in February or later. – WSJ

So what does this mean for us photographers? Our equipment is not cheap, and many people don’t have $3,000 under the mattress to buy buy a new 5D II. So many people will charge it on a credit card, and pay it off in a couple months. But with credit card companies lowering limits, you may not be able to. So the next time you stabilize your wobbly couch with a macbook pro, remember when you go to buy a new one, you may get “the look” and the dreaded “I’m sorry, but your card has been declined”. Even though your credit has always been “stellar”, well, it just might not matter anymore.

Perhaps bookings are slow, your spouse lost their job, insurance costs are on the rise, and you are behind on your bills. That certainly does not make you a bad person. But it can make you feel overwhelmed. Don’t worry to much, you are not the only one. Credit card defaults are the highest they have ever been, and credit card companies are working with people more than ever. If you are behind on payments, the worst thing you can do is ignore the calls, answer them and see what you can workout. Creditors are more willing to listen, and offer you lower rates, settlements, and reduced monthly payments.

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