Credit Firms Cutting Consumer Spending Limits Without Warning

The video discusses the impact of COVID-19 on consumer credit, highlighting how banks are reducing credit limits and tightening lending standards. It advises consumers to use dormant credit cards to maintain access and suggests contacting credit card companies to make financial plans. The video also emphasizes the importance of preserving cash flow during the pandemic, even if it means carrying debt temporarily. It suggests using stimulus payments and unemployment benefits for essential expenses and savings.

What assistance are consumer banks offering to those impacted by COVID-19?

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What advice is given regarding cash flow management during financial hardships?

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