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Take it to the limit

The Age, Money – by Christine Long

If you’ve maxed out your credit card, an invitation to increase your limit can seem particularly seductive.  Financial Rights and Consumer Action give advice to consumers about when credit card companies can offer consumers credit card limit increases, and the rules around unsolicited offers.

There is a sure-fire way to avoid being tempted into upping your limit, according to Katherine Lane, principal solicitor, Financial Rights Legal Centre. She advises consumers to always opt out of receiving limit increase offers.”The truth is marketing works,” she says.

“So if people want to make sure they’ve got control over things and they are not just getting tempted because a bigger limit looks nicer, they should just try to avoid it.”

You can apply for a limit increase from your lender at any time, she says. “You should just be making the decision [to ask for a limit increase] when you need it and lowering it again once you’ve finished needing it.”

Read the entire article here: Take it to the limit