Check Your Credit Limits - They Might Not Be As High As You Think!
October 22, 2008
I've recently read some reports of banks lowering customers' credit limits unexpectedly, and the customers failing to noticed. This can result in all sorts of problems, such as over-limit fees, declined transactions, a drop in your credit score, and also less available credit in case of emergencies.
While I like to think that we should all just pay off our credit cards completely and have a large emergency fund, I understand that is not the reality for some people right now. Keeping an eye on your credit limits seems like a sensible thing to do. I've just checked to make sure that mine haven't changed (they haven't) and I encourage you to do the same.
Here' an article at Smart Money Magazine, Banks Lowering Consumers' Credit Card Limits, that talks more about this potentially important issue.
