Credit Crunch: Watch Your Loans

Times are tough for banks, and they're tough for consumers. As if you didn't have anything else to worry about, you need to keep an eye on your loans to make sure nothing changes. Banks are taking drastic action to protect themselves, including:

• Freezing HELOCs
• Changing credit card terms

To protect your ability to borrow money, make sure you keep your nose clean. If you give any indication that you're falling on hard times, the banks will quickly make it harder to borrow money (and this may create even more problems with your credit and expenses). Bankrate recently covered some credit crunch sins that you should avoid. If you value your ability to borrow, see 7 tips for surviving the credit crunch. [via Consumerist]

Further reading:

• Frozen HELOCs and Your Credit
• How Credit Scores Work
• How a Line of Credit Works