One Year Later: Many consumers feel the credit pinch


Oklahoma small businessman Willie Rosseett was recently stunned when he learned that Discover Financial Services Inc. (DFS) had canceled his credit card. "We have never been late and always paid them more than the minimum," said Rosseett, who owns ARDCO, a maker of circuit boards. "There is nothing I can do. I feel very helpless."

Rosseett, whose case is being reviewed by Discover, said he is current on his credit card bills. He's not the only one in a bind. Anecdotes about credit card companies cutting credit card limits even for prime borrowers have abounded in the media. The situation is causing a serious problem for companies across the nation. That's because credit cards are a common way for small businesses to fund themselves.