Reply #19: I saw a documentary about credit & one couple said they didn't worry [View All]

because none of their credit limits were over $3000. About a year later when they had maxed all of their cards out & were in dire straights & didn't know why, they counted up how many cards they had & it was over 20! They owed over $60k on credit cards!

But as irresponsible & stupid as this couple was, my question goes back to the credit card companies that continued to offer them new cards even as their credit report had to show increasing balances on the multiple cards they already had. My husband & I have a card that has a limit that is only a few thousand less than our annual income. The limit was increased during a period when our income was over twice what it is now. I assumed at some point in time, the card company would re-evaluate our account & income & make adjustments, but it's been 18 months & no decrease.

I think as long as your credit score is good they card companies don't look at the details - they don't look to see how many cards you already have & what the limits are on those cards & what kind of financial shape you would be in if you maxed all of them out. They just keep sending you applications until you get in a bind & then it's your fault. It's really bad business. The card companies could have decreased this problem with a some diligence & higher standards.

There's plenty of blame to go around, but the media will run with stories like the one the OP posted. And individuals who are not feeling the pinch yet, will sit in self-righteous judgment of others, who made bad decisions or encountered unfortunate times & find themselves in an untenable situation.