How would you be affected if your credit limts were reduced?

So far not yet, but even if this does happen it will not affect me since I pay off all 3 of my cards in full every month.

I would be okay, right now I have several cards, all with over $2000 limits, and for the most part I have not carried any balance whatsover.

Getting into a car accident and missing over 2 weeks of work has really put me behind though, but I'm doing what I can to get back on track. Hopefully will be back to my full payments by March or so.

So I think reducing my credit line would not really affect me, right now I am barely using all the credit I have anyway, I was actually thinking of calling and decreasing the limits myself so I'm not even tempted to use them.

I think it would be a good idea though, for other Americans, as long as it was not a dramatic decrease that would leave them hurting. It would certainly make people think twice about spending more than they earn, and that is a good thing!

i think thats a great idea. if my credit limit was cut down my life would not bee affected in any way. bc i live within my means. no one should be buying groceries on a credit card. i buy what i need and i save what i can. if i happen to need something then i will wait until my next paycheck to get it...i dont dip into my savings for it. people dont know how to be responsable which is why there are so many people in so much friggin debt. its ridiculous. they dont understand that the worse their credit is- the more money theyll wind up having to pay. deposits. down payments. interest etc everything! so i personally will not be affected and think the only ppl who will be are the ones who cant buy things they dont need anyways..

p.s. i have 2 credit cards with $5k limits. one card is interest free for 1 year and i usedf $1k to treat myself and have cut it inhalf already. $100 bucks a month and its paid off in 1 year. this way- i am building my credit and enjoying the pleasure of interest free shopping. the other credit card i buy gas with and pay it off in full every single month. my credit is amazing and continue to reap the benefits of it. :-)

I actually read that article as well this morning; it's interesting you brought it up on here. It has not happened to me with any of my cards yet. It would not change my life as I only use one card per month (and rotate it each month) to purchase gas or groceries. I pay the entire balance before the due date and do not carry balances from one statement to the next.

I can imagine this would severly hurt a lot of the US public if this does unfold that way.

I wouldn't be affected at all. My limits are many times what I use and I pay my credit accounts in full each month. In fact I wish that they would stop increasing my limits.

I only have portfolio debt, mainly. A credit card debt of 3500 +-. So, no it wouldn't change that much for me. It will crush the stock market.

If they reduce my limit to $100,

I would simply write them a check for 3,000, they will instantly increase my credit limit.

/

i would be in big trouble, so would a lot of other people. we all need to change this economy . i read that article...very upsetting

Nope, mine are maxed out.