Sky’s the Limit
April 26, 2006
I recently added up all of my credit limits (not my debt…that’s not so bad) but basically my potential debt if I were to, say, go to Vegas, go on a shopping spree and max out all of my credit cards. The total was frightening! Especially since I was three days away from getting on a plane to go to Vegas!
It’s easy to forget, when opening credit cards or just keeping them over the years, the total credit limit that accrues. But what happens if you keep a balance on each card. That could really add up and that’s when your debt becomes unmanageable. My sister told me to rip them all up. “You know yourself. You’ll get some wild idea and go to Paris. Not the casino. The city.” She might be right. My financial advisor (yes, I have one…which is probably why they are all not maxed out right now) gave me a bit more realistic advise. He told me to take one care…one with a reasonably low limit. And to spend wisely, even when intoxicated, which is probably easier said than done when considering the location.
I made it out of Vegas without entering bankrupcy. But as for going to Paris…
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