Credit Cards – Decrease your credit limit!

Many people are starting to feel the bite of the current economical crisis.

We will all need to make adjustments in one way or another in order to cope in these tough times.

One simple way to take action and to avoid getting in to trouble is to decrease the credit limit on your credit card. We often get invitations for pre approved credit limit increases, but often don’t give much thought to decreasing our credit limits.

Tough times can mean that many people find themselves strapped for cash. The temptation of using our credit card to help stay afloat is hard to avoid. Once people get into this kind of cycle of relying on their credit card to see them through, it’s hard to get out. This simple step can help you to resist the temptation of spending unnecessarily and forces us to question ourselves. Do we really need that new pair of shoes?

Banks do not often advertise this fact but it is definitely possible.

If you already have some credit card debt and would like some advice on improving your situation, check out our earlier article “Managing Credit Card Debt” for some helpful tips.

Also, now is the perfect time to make sure you’re getting the best credit card deals. Credit card comparison is an easy way to find out if your current credit card is offering you the best deals.