Amazon.com Widgets

If my credit card was at its limit and I could not charge anymore spending so I had to stay home for 16 days and then the credit card raised my limit so I could charge more spending, should I celebrate this as a victory?

Asked by: bigdave
If my credit card was at its limit and I could not charge anymore spending so I had to stay home for 16 days and then the credit card raised my limit so I could charge more spending, should I celebrate this as a victory?
  • Yes, because you can now charge someone's spending

    Before you said you couldn't now you could. Now people who want to use your credit, both legally and illegally, will have to think twice before they do. It's your property. Only you can do what you want with it (of course you have consequences). But if someone else uses your property, you can charge them.

  • Credit card companies are a business.

    As such, they raise your limit when you have a record of charging a large number of purchases and paying at least your minimum payments. They WANT you to have a higher limit so you can charge right to it- they earn their money from the interest. The higher the limit, the higher the amount charged, the higher the interest. Particularly if you are dumb enough to pay only minimum payments- then you end up paying two to three times what you actually spent due to interest, which all goes int he credit company's pocket.

    While to some extent credit is necessary in our economy (especially since a credit history makes it far easier to do things like buy a home or a car that the average person would never be able to purchase outright), having a high credit limit, particularly if you have a high balance, is NOT a victory. It's a penalty on people who can't do math.

  • A credit economy is a false economy

    If I had borrowed to my limit, the solution is not raising my credit limit, but rather the solution is getting my spending under control. If I have to borrow 40% of my "income", then I am living beyond my means. Even if I find a way to "steal" money from my neighbor, the equation does not change. The credit limit should not be raised. Raising my credit limit is no victory, and living within my means is no vice.

  • Live within your budget

    Sometimes I overspend on shoes or bikinis. Then I have to work until more paychecks come in. Then I can breathe again. If the credit card company loaned me more money, it would just make me worse off. I have to stay on budget and credit does not help in the long run.

  • No, haha okay

    As skeptikitten said "While to some extent credit is necessary in our economy (especially since a credit history makes it far easier to do things like buy a home or a car that the average person would never be able to purchase outright), having a high credit limit, particularly if you have a high balance, is NOT a victory. It's a penalty on people who can't do math."


Leave a comment...
(Maximum 900 words)
bigdave says2013-11-04T03:19:10.633
Conclusion October 2013... 2 of 3 people say it is NOT a victory.