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Your Credit Line Goes Up in Smoke During a Financial Crisis

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0 comments on “Your Credit Line Goes Up in Smoke During a Financial Crisis”

  1. Thanks for the info, Tom! Now what about credit lines with existing balances - can they force you to pay those off in a credit crisis?

    1. Hey Kelly, for the guys we were speaking to any existing balances were just left as is and paid on the regular schedule. So for example, if they had a $100K credit line with a balance of $20K on it they got a letter saying the remaining $80K that was available is now gone. So they were left with the $20K they owed and just continued to make regular payments on it. We don't claim to know if the Canadian banks would remove access to credit like this but in a "credit crisis" anything is possible and we like to be as prepared as possible. Hope that helps!

  2. what about a credit line that is fully used already before financial crisis, can the banks ask you to pay up your open credit lines?

    1. Hi Mayur, we don't claim to know everything around this but no, we've never heard of that happening. See our response to Kelly for for some more detail.

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