Credit limits on Credit Cards..

hooters

I have never requested a credit limit on a credit card but I can probably buy a small flat with what limits I have on my credit cards - all of which started off at less than £2000 limit - I have 5 cards, or did have till I gave them to the wife to cut up.

So, although we can admit to using these cards irresponsibly and getting into debt, where is the responsibility of the card providers in increasing credit limits?

I have had one card I didn't use and it has gone from 1500 to 7500 without me having more than 500 balance on it at any one time.


I could offer the whole population £8000 and tell them they can pay me off in installments, I guarantee you that most people will actually use some of that money. Hardly anyone will shun it. Some will take all and think of the consequences later.

We have to get out of this mindset that a credit limit is a gift, but it's a mindset created by the card companies.

newleaf

We had a thread about this recently, it was unbelievable how much credit most of us could access instantly.

hooters

newleaf wrote: »

We had a thread about this recently, it was unbelievable how much credit most of us could access instantly.

oops, sorry, i didn't mean to reiterate, I was just thinking about it and thought I would post about it.

It's shocking, however the liability always lies with the consumer. However, looking at our situation and what we can do about it, it seems the tide is changing slowly - but not slow enough. More and more young people will be dragged into debt due to high standards of living, low income and easy credit.

But as soon as you negate on your debt, you can't get anything.

newleaf

Found it: http://forums.moneysavingexpert.com/showthread.html?t=469988&highlight=how+much+credit+could+you+access%3F
Don't apologise, you weren't to know. Think you will find the thread an interesting read

ginger_nuts

I think MBNA used to put your credit limit up without being asked .I think it was one off the tricks off the trade . I told my bank years ago not to send me any junk mail loan offers .I wanted my statements and that was it .If credit cards were called DEBT CARDS we wouldnt use them as much

hooters

ginger_nuts wrote: »

I think MBNA used to put your credit limit up without being asked .I think it was one off the tricks off the trade . I told my bank years ago not to send me any junk mail loan offers .I wanted my statements and that was it .If credit cards were called DEBT CARDS we wouldnt use them as much

my mbna card has jumped from 2500 to 8000 within a matter of 14 months.

Can I expect to increase my income by 5500 in 14 months?

ginger_nuts

hooters wrote: »

my mbna card has jumped from 2500 to 8000 within a matter of 14 months.

that is how you get caught ,they up the credit limit ,you spend and then say ops I cant aford it ,I will make the min repayment ,interest interest interest all the way .