597 – Why Your Credit Might Get Cut Off (And What You Can Do About It!)

Some Canadians are waking up to a surprise: reduced credit limits, frozen lines of credit, or cancelled credit cards…even with solid credit scores and no missed payments.

Banks are pulling back on credit, and a good score might not be enough to protect you anymore. Find out why lenders are reassessing risk, why they are closing unused accounts, and what these changes mean for your finances as we head into 2026.

00:00 – Why people with good credit are losing access to credit
02:30 – Real examples of credit cards being cut or reduced
05:10 – Why this isn't personal, it's structural
07:20 – How banks have shifted from growth to defence
10:00 – Rising credit losses and what banks see first
13:10 – The connection to the 2026 mortgage renewal wave
16:00 – Why credit scores aren't protecting borrowers anymore
18:50 – The "shadow cut": limits reduced without warning
21:30 – Common mistakes borrowers are making right now
24:10 – Practical steps to protect liquidity
26:40 – Why this is a credit cycle shift, not a personal failure

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.