How the fiscal cliff could affect your credit cards (Photo Gallery)

By WEEK Producer
By Katie Parr

How the fiscal cliff could affect your credit cards (Photo Gallery)

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    TIGHTENED LENDING: Some economists predict that falling off the fiscal cliff could also mean the economy plunges back into a recession. "If this creates another recession, we can expect issuers to tighten their standards for approval, cut the credit limits on existing accounts, and approve lower limits on new accounts," said Hardekopf.

    (MGN Online)

4 photos

December 4, 2012 Updated Dec 4, 2012 at 1:56 PM CDT

CENTRAL ILLINOIS -- With talk circulating about the fiscal cliff, many may wonder how it would affect the everyday consumer.  

Bill Hardekopf, CEO of, says one area the fiscal cliff is bound to effect are credit cards. 

Hardekopf says statistics and projections show the painful consequences with tax increases if a deal is not reached.  He continues by stating higher tax payments will be bad news for household budgets that are already stretched to the limit.

Click through the slideshow to see just how your credit card account could be affected if a deal is not reached.

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