One of the latest offshoots weve heard about is credit card companies decreasing consumers credit limits.
As more and more Americans lose jobs, theyre worried customers will begin defaulting on their debt.
So by loweringyourcredit limit, theyre reducingtheirrisk.
Really, credit card companies should be notifying you about this change, but unfortunately its not legally required.
It could also result in a lower credit score.
When your credit card lowers your credit limit, chances are, your credit utilization rate will increase.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Thats a pretty big chunk.
First, check your credit limit.
Typically, you might find this on your monthly billing statement or through your online credit card portal.
Second, check your credit score.
you might do this through a free website likeCredit Sesame.
Did you know?
Theres no guarantee this will work, but its worth a try.
If you dont have success, keep an eye on how much you charge to your card.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
