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Credit card delinquencies surge, almost 1 in 5 users maxed-out: Research
(www.thehill.com)
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this post was submitted on 20 May 2024
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I have certainly maxed cards in the past but these days, I don't know why, they keep raising my limit, I have 6 cards and a $96,000 credit limit between them. Talk about having enough rope to hang yourself.
Used to have a credit limit that was like double my annual income. Surely they knew there was no way I could afford even the interest alone if I came anywhere close to maxing out cards...
Forgetting about the super high interest rates. Last card I got for a 0% on a laptop if I paid it off in 12 months was 29%. I think my current lowest is 17% and I have damn near an 800 credit score
I was about to say "damn that's high," but then I realized I didn't know what my lowest was. Turns out it's 27%.
So yeah. I'm glad I never leave a balance.
I've been aggressively paying off debt after racking up credit cards and my wife getting stuff sent to collections while I went back to college, and she had a bad injury with some months recovering and not working. My credit score is now well over 700, and I should have everything except for the mortgage, student loans and car loan paid off within 12 months. Those 3 make sense to ride out on the existing payments given their low interest rates and my current medium term goals
If someone spends all of their credit limit just because it’s there, there is no one to blame but that person.
That is the point. I can right now call my bank, I told em to stop offering CC limit increases if they are not lowering the interest rate, and have them raise my limit over my yearly income. They know what I make as my pay is direct deposited and still kept trying. I guess being a deadbeat CC user makes them want to raise my limit. Deadbeat = pays off CC before interest