My Credit Card Was Declined!?!?
June 24th 2008 18:58
No, I am not writing this about going over my limit intentionally or forgetting to make my payment. Did you know that your credit card company can lower your limit and tell you after the fact? I knew they could make changes and tell me later, but this is the first time that I heard anything about them lowering a customer’s credit limit. Yet so many banks are in trouble because of the mortgage crisis, I really shouldn’t be surprised.
This could happen to you if you have a lot of credit card debt. Banks are targeting people that carry too much debt on their credit cards by reducing the amount of credit they are making available to them. Suddenly, you could be at the store trying to buy something and find that you have been cut off. What a shock and how embarrassing all at the same time. Ok, so you know carrying too much debt is bad for you, now the credit card companies are finally realizing this too. For so long, they kept increasing credit limits for customers in order to increase the interest they received. They are starting to find themselves so far in the hole now that they can’t afford to keep charging off debts that go unpaid.
Do yourself a favor and find a way to get out from under those credit cards. It may be tough but it needs to be done. And before you go out shopping, double check your credit limit to make sure you won’t have any surprises waiting for you.
This could happen to you if you have a lot of credit card debt. Banks are targeting people that carry too much debt on their credit cards by reducing the amount of credit they are making available to them. Suddenly, you could be at the store trying to buy something and find that you have been cut off. What a shock and how embarrassing all at the same time. Ok, so you know carrying too much debt is bad for you, now the credit card companies are finally realizing this too. For so long, they kept increasing credit limits for customers in order to increase the interest they received. They are starting to find themselves so far in the hole now that they can’t afford to keep charging off debts that go unpaid.
Do yourself a favor and find a way to get out from under those credit cards. It may be tough but it needs to be done. And before you go out shopping, double check your credit limit to make sure you won’t have any surprises waiting for you.
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