by Tricia
With Congress putting more pressure on credit card companies, I haven’t really read anything about the credit limits that the credit card companies give borrowers.
A while ago, I shared that my credit cards gave me some more rope. I decided to not stop there, and try for more credit with simple clicks online. I went through all of our cards, and I don’t know whether to nervously laugh or cry at our total credit available.
$71,000!!
As a reminder, we made $48,000 last year!
If we were to max out our credit cards again, here are some interesting numbers (based on 12% interest and paying 2.5% as the minimum payment):
Minimum Monthly Payment: $1,775
Time Taken to Pay off With Paying the Minimum: 32.9 Years
Total Paid in Interest: $47,180
Finance Charges per Month: ~ $700 to start
Would a bank give me that high of an unsecured loan? No. Why are the credit card companies? Anyone else out there have ridiculously high credit limits compared to their income?
