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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?