How likely is it????

spaceman5

with what is going on at egg at the moment, and with what barclaycard have done(even though i do not know what barclaycard have done, i just seen people mention on here something about barclaycard) is it likely other credit card providers are going to follow suit, i only ask as we have a llyods tsb credit card, at the moment it has a £12000 limit on it(we never asked for it to be that high, they just kept randomly putting it up, and we would neva dream of going anywhere near the limit, as we would not be able to afford the minimum payment each month), we currently have a balance of £3500, hoping to reduce this by over a grand in the next couple of months, but we have booked a holiday to florida in august, and have to pay the £3000 balance at the end of may, but now are a bit worried having read what egg have done, and others, that either A) they stop the card, or reduce the credit limit, we normally pay about £50 over the minimum payment each month, but as i say, we are hoping to pay off nearly a grand over the next 2 months, taking advantage of no council tax for the next 2 months, we would prefer to wait till may to pay the balance, as it will be a stuggle, and we dont want to struggle before we need to, but then again we dont want to wait if this is likely to happen, as our to dd are really looking forward to going, and so am i, as i have never been abroad before, sorry for the long story, but any advice would be gratefully appreciated, Dave

spaceman5

anyone have any advice?

steffg60

I suppose worse case pay for the Holiday now on the credit card but you will start paying intrest on the money

spaceman5

steffg60 wrote: »

I suppose worse case pay for the Holiday now on the credit card but you will start paying intrest on the money

was thinking that, but dont want to do it if no need, just would be worse to log into credit cards account to see the limit has been dropped, as they can do this with no notice, was just wondering in people`s opinions are they likely to drop the limit in the current climate, Dave.

CLAPTON

Honestly, the opinions on this board on such a matter are no better that asking your mates down the pub.. the fact is we don't know... and even if we did, events might happen that change things... noone predicted the Northern Rock meltdown.

But what can be said is that borrowing money simply for a holiday is financially unwise at any time and even more so if you already have several thousands worth of debts and even more so in these somewhat troubled financial times.

Save then spend ... then what happens to your credit cards wont matter.

Bismarck

Completely agree Clapton.

We're in danger of publicising our worst fears and prompting them.

Confidence is a fragile thing and if we look shaky and say what we fear most who knows what it will bring on us.

We should really focus all our attention on clearing any debts including mortgages and living as best we can within our means rather than picking at scabs and focusing on negative what-ifs....I know it's tempting to do the what ifs but it's not helpful....all we do is obsess about the stuff that is outside our control without actually living!

sorry if this comes across as harsh...I have to remind myself sometimes!

spaceman5

thanks clapton and bismarck, we do tend to spend within our means most of the time, we would have paid for the majority of the holiday before we went, if it was not for some unseen circumstances, was just worried after reading about egg, and wondered what the chances of it happening with our credit card was, as like other poster said pay for it now, because i dont want to break my daughters hearts, it is all they go an about, at home, at school, they are looking really forward to it, and like i said so am i,

belfastgirl23

I do agree with the other posters but barring a change in circumstances etc it seems unlikely to me that they would withdraw credit if you're nowhere near your limit and none of your circumstances have changed, you don't have any other non-mortgage debt, haven't missed repayments etc.. I think personally I'd save like h**l for it - do the grocery challenge and use the DFW board to take down spending to the bone.

Personally though if I had 3k to pay on a credit card I'd be looking for a 0% deal or a cashback deal rather than putting it on a standard rate credit card...applying for another card might also reassure you about your credit worthiness.

But I do think all the advice above is good...