Credit and Small Biz 2009

The Financial/Banking industry sucks and all of 'em should be tossed in prison for a nice fat 30 year term side by side with drug dealers, murderers, and other extraordinary criminals!! Now that its out in the open… (should let you know where I stand on the issue)

2009 has been a ‘great’ year for small business credit. I have 3 businesses with great credit and small business credit cards. Slowly, but surely, the credit is evaporating. I’m sure you’re aware of the total BS that Advanta turned into… At the same time, though with a little less fanfare, American Express was dropping credit lines by 90+% if not just closing accounts (small business). Also, Advanta was referring customers to American Express for small biz ‘AOPEN’ accounts… (roflmao) All year, the big boys, AMEX, CITI, CHASE, BOA, WF, etc… have revised terms, and practically doubled fees and interest rates - all the while receiving 0.025% free $$$ from you and the US GOVT as well as guarantees that the US will cover their debts and losses.

No, I’m not carrying any balances with those guys. But, it was nice, for a while, to use business rewards cards… Oh well!!

So I guess B2B, NET, cash, and check will be the path for the next few years. So, how many small businesses have went under with the added pressure of increased fee/interest rates along with loss of credit line??

On top of this, American Express has the f’n nerve to broadcast a ‘new’ series of commercials promoting their image of standing behind and backing small business in America! Oh Really?!@#!?

I know that ‘most’ pizza businesses are cash based, I just wanted to ‘vent’ a little about business in general. TY.