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Responses: 5
Capt Tom Brown
4
4
0
No matter how much you have getting addicted to credit cards ; it is worse than drugs or alcohol.
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SP5 Mark Kuzinski
SP5 Mark Kuzinski
5 y
So very true.
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LTC Stephen F.
4
4
0
Edited 5 y ago
Thanks for sharing SP5 Mark Kuzinski the four dangers seem to be true especially #1 and #3.
1. You'll Have a Higher Chance of Debt. Higher credit card spending limits lure many people into a false sense of security.
2. You'll Ignore Better Promotions
3. Limited Loan Availability. Being considered a “high-limit borrower” affects how you qualify for mortgage and car loans.
4. Someone Else Could Rack Up Debt
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Capt Seid Waddell
2
2
0
Edited 5 y ago
I was once turned down for a mortgage because I had too much credit available, even though I wasn't using it. The banks look at the credit limit as having been borrowed, since it can be very easily. At least that is how it was explained to me. Cancelling unused credit cards fixed the problem for me.
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SP5 Mark Kuzinski
SP5 Mark Kuzinski
5 y
Nice - thanks for the comments Capt Seid Waddell .
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