cc company raises credit line???

[brokeone]

Other than hoping I dig myself further in debt (I'm already in up to my scalp ),why do banks/cc companies raise my limit unsolicited?When you get a chance please give me your thoughts. Thanks.
brokeone

[Minnymouth]

They raise your limits so you will continue to add more to your accounts. They don't care whether you can pay it or not. If you don't claim BK they will sue you, so they don't care one bit to raise that limit.

Best advice I can give you is don't charge more than you can pay off the same month. Then no penalties, no interest charged. Play them - don't let them play you!

Minny

[brokeone]

Thanks for responding.I am trying very hard not to use any of my cards,in fact I have destroyed all but one.I should have known better,but did not differentiate between my wants & needs until hindsight kicked in.As I have stated in previous posts the escalation of interest rates is what I did not think about,and that will probably be my downfall.
brokeone

[Lightning]

You can call and request the limit be lowered.

[brokeone]

Hello Lightning,
Thanks for responding.Do you know if they are making money off of me by raising the limit even though I no longer charge on the car but do not have it paid off?













i

[Lightning]

No, they're not making more money off you if you've stopped using the card. They're making money off you because you haven't paid the balance in full and are still accumulating interest charges.

[hhou812hh]

I mentioned in other posts too that all of the new laws (new bk laws & OCC raised monthly minimum) will not only make it more difficult for the honest debtor to erase debts by filing for bk, but it will also hurt these scam artist cc companies. After this year credit cards will be much harder to use since the monthly payments will be a lot higher even for small balances and fewer people will probably use them anyway knowing we don't have the present bk laws in place to fall back on. If we become more of a cash society, the goods & services we use will probably be more affordable not to mention folks will have more retirement savings.

I say to the cc companies Good Night!

[brokeone]

Hey Lightning & hhou812hh,
Thanks for taking the time to respond.I hear you loud and clear.
brokeone