As predicted, financial institutions are starting to cut credit limits, not raise them. This anecdote comes from money manager John Maudlin.

And it is also starting to hurt ordinary people. I have a friend who does a lot of work on eBay. She has good credit. Rather than a bank line of credit, she simply uses credit cards. Or did. This week she got three letters reducing her limits to levels below what she already had on the cards. There are numerous such anecdotal stories circulating.

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Follow Chris Farrell at @cfarrellecon