Tuesday, April 28, 2009
Can Someone Explain The Economy To Me?
My credit line just increased from $6,000 per month to $13,500 per month. Does this make sense to anyone? I pay my bill in full every month...they can't think I'm stupid. Why do they do this? I know someone out there knows.
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2 comments:
Because it's a bigger risk for them to lend money, so they're increasing interest rates a ton AND your limit - they're hoping you'll spend more and pay more back... even if you think you pay on time... schedule you payments a few days on the early side JUST IN CASE!
They're hoping you loose your job and have to pay your rent with your credit card. That way you no longer can make full payments and they make all sorts of money off your interest. It's not good. But as a tip, you can call the cc co. and tell them to reduce your limit and not increase it without your approval.
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