Debt Consolidation

Credit Card Maximum
Is the most debt that can accumulate on any given credit card or can be applied to another revolving credit account. What is revolving credit? Basically just an open credit line. They are not attached to your other bank accounts such as chequing account or a savings account but more or less just a line of credit. Most companies will allow you to go slightly beyond your maximum but this amount can vary from one credit card to another and this amount may not be stated on your statement. What is available on your statement is what your credit limit is and what available credit is left. You obviously can continue to make purchases on your credit card until the maximum is reached (but as mentioned you can usually go a little over without penalty) Once the ultimate maximum is reached, your credit card will no longer work until some of it is paid off. This does not have to be once your bill actually comes in either. You can put money down on what is owed at any time. Either visit the bank that issued the card or go online to your account and transfer some money towards it. As time goes on, your credit card provider will often start to increase your credit allowed. While this may seem great to some, for others this becomes a trap as they start to increase their expenditures. If your credit card's limit is being increased and you do not want this to be the case, contact your cards provider and ask for the limit to be reduced. A higher credit line could actually end up costing you from getting a loan too. Even if you don't charge up nearly as high as the card will allow, the loan lending institution may see this as a potential for a large debt to be accumulated thus not being able to pay off the loan.