The higher the credit card limit, the more you spend. Due to this, after some time the burden of debt starts increasing on you. In such a situation, you should accept the offer to increase the credit limit only when you really need it.
New Delhi. When you start using a company’s credit card, the company closely monitors your credit card usage pattern. If the company feels that you do not depend too much on the credit card and always pay the bills on time, then after some time it offers you to increase the credit limit.
Looking at it from above, you may find it beneficial, but sometimes you may have to bear the loss of increasing the credit limit. Let us know when you should accept the offer to increase the credit limit and when you should not.
Accept the offer only when you really need it.
If you get an offer to increase your credit limit, then first of all you should see what your expenses are. Considering the cost, if you really need it then you can accept this offer. If your expenses are more than your current limit and you feel that you should have more limit, then you can take the offer to increase the credit limit.
So instead of profit, you will have to bear loss.
Many people are very fond of shopping and they keep buying some things without need through credit card. If you are also among those people then you should not take the offer of higher limit at all.
Because when you have more limit, you will start spending more than it. In such a situation, you will buy unnecessary goods even on EMI from online sale or mall. Then you will have to face trouble every month in paying its bill.
Credit card should not become a debt trap.
The higher the limit of your credit card, the more you spend. After some time, you will realize that every month a large part of your salary is being spent only on paying credit card bills.
At the same time, you will not get any such important thing for which you are bearing the burden of so much debt. In such a situation, it is important that you should accept the offer with higher limit only after careful consideration keeping in mind your income and expenses.
