I have $49,000 worth of credit

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Posted by blood roses at 12:43pm Jul 28 '09
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That's not including my mortgage, and I don't have a car loan. That's just credit cards and my line of credit. They keep upping my limits, without asking or even notifying me (I was actually going to make this post about having $39,000 worth of credit but went to double check and found they had raised my line of credit by $10,000). Now, I make good money and have never been one to spend outside my means, but still... it's easy to see how people get into so much trouble with credit.

So discussion time... do you think it's socially irresponsible for banks to up people's credit limits beyond what they can reasonably pay? Without asking or notifying them? And isn't it financially short sighted to loan people more money than they can pay back? Sure, you make lots of money on interest in the short term, but in the long term people default on the loans.

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