Starting on June 10, Advanta cardholders will no longer be able to use their credit cards to make purchases. The action is expected to affect 1 million cardholders. What happens if other credit card institutions follow suit. This will devastate the economy.
“We’ll be shutting down accounts for future transaction activities, but many of the customers will maintain balances and pay us off over time,” Browne said yesterday in a telephone interview. “We’ll have to service and collect on that, and that will be the first order of business for the company.”
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