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Bankruptcy: The Power of the Clean Slate

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Danger! Falling Credit!

Danger! Falling Credit!

While you continue to focus on reducing your debt, there’s a double whammy you have to consider. As credit card companies tighten the reins, they’re lowering consumer’s spending limits to cut off losses. But, the result could mean a drop in credit scores for you, an unsuspecting consumer.

What’s worse, you may not even know about it until you apply for another loan. It is usually in the face of being denied that you'll learn what has happened. However, consumer advocates don’t disagree that lowering people’s credit lines is a bad thing. In fact, they think it’s a great way to ensure people don’t overextend themselves. But, while it’s a good thing to lower consumer credit limits, it does leave the burden of watching for dropping credit scores on you. Be sure to check your credit report regularly so you know where you stand.

Do you think it’s a good thing or a bad thing for lenders to drop credit limits in the wake of the credit crisis? Have you had difficulties with any such changes? [USA Today]

Posted: 6/30/08

I really do think that some people do not know when to stop with the credit card purchasing power they have. It may be a good idea to lower that limit.