I see how easy credit debt can be!

**ama** · 05-18-2006, 08:35 AM

I started out with one very small credit card. Limit of $300. Hardly used it and always paid it off when I did. Well my mother added me to her c.c. to use in ER"s when we travel and when I applied for overdraft protection the c.c. limit was for $7700!! Since then the smaller c.c. upped my limit to....get this. $3700! That is just unreal! I won't be using them but the trap has been sent I think!

**missymomof3** · 05-18-2006, 08:46 AM

Credit card companies will do anything to get more money. It's sad.

**Darlene** · 05-18-2006, 08:58 AM

It is something else. I've heard you can call them & get your limit lowered.

**PrairieRose** · 05-18-2006, 09:20 AM

You absolutely can have your limit lowered. I've done that myself.

**frugalfarmwife** · 05-18-2006, 09:48 AM

Yes it is scary how high a limit you can get on CC's, hubby and I went over ours the other day and geez, we could buy two brand new cars with the CC's! Ain't gonna happen though! We've held most of these cards for YEARS and do use them for specific things, one for internet service, one for gas purchases but pay them off monthly.

Scary how deep in the hole we COULD go if we didn't keep a handle on it!

kj

**Valerie in WA** · 05-18-2006, 10:59 AM

I also had our limits lowered. Part of my reason is that if anyone ever used our cards fraudulently, they wouldn't be able to charge up a ton.

**thrifty gal** · 05-18-2006, 11:07 AM

It really is a shame.

**Telephus44** · 05-21-2006, 06:43 PM

We have a card that had a $7,900 limit on it. The issuer let us know that October that since our balance was high (not over the limit or any late payments mind you) that they were changing the interest rate from 14% to 34%. We sent them $4,000 that month, and transferred the remaining balance to a new 0% interest card.

Our reward for no longer carrying a high balance? They upped the credit limit to $17,700. Jeepers, we could charge a new car and only pay 34% interest on it!!!

**dwallyfam** · 05-21-2006, 08:14 PM

It is pretty shameful of how the CC companies get you trapped into their web.

Kellie

**ama** · 05-22-2006, 07:44 AM

Ok I'm curious -- other than in case of theft why would you get your limit lowered??

**treeluva** · 05-22-2006, 12:36 PM

34%? Are they nuts? Well, yes, they are... they are credit card companies, and as evil as everyone knows they are, they are in business to make money..... but 34%? And they gave you 17 grand at 34%? What $%&*(#$*$!!!!!

**Telephus44** · 05-23-2006, 05:31 PM

Originally Posted by treeluva

34%? Are they nuts? Well, yes, they are... they are credit card companies, and as evil as everyone knows they are, they are in business to make money..... but 34%? And they gave you 17 grand at 34%? What $%&*(#$*$!!!!!

That's what I thought - DH even called them on the phone to make sure he was reading it correctly - needless to say, we have the card entirely paid off. I don't want to cancel it since we've had it for several years and we'll hopefully be applying for a mortgage next year and I want the "history". So it is sitting unused in our filing cabinet.

(PS - it's a Chase card - I tell this story to everyone I know who is thinking about applying for one!)