Saturday, July 30, 2011

My credit limit saga.

I had an interesting discussion with my credit card company this morning.

I explained to them that while I had reached my credit limit, I had a plan.

My plan was really simple....instead of increasing my spending on restaurants, movies, entertainment etc by the expected 9% next year, I would restrict my spending to only an 8% increase.

Because of my new-found spending cuts, they should lend me a few more thousand dollars so that I could spend that extra 8%.

Well, don't made sense to me at the time.

Unfortunately, I am not the federal government...and my credit card company is not Congress.

My ears are still ringing from the peals of laughter coming from the credit card representative. He said to me...

"So, you can't pay your debts unless you get more credit, right? And you have no plans to reduce your debt in future, and you plan to spend more in the future, thus requiring more credit, right? And to achieve this master plan, you need us to increase your credit limit now, even though you can't meet your existing bills without it?"

I said "Yep, that sounds about right!"

The guffaws that followed were very infectious....and I laughed with him...until he suddenly stopped and said "No!"

I was aghast! If I couldn't get my credit limit increased, I would not be able to meet my current bills!

When I told the representative this fact, he solemnly said...
"Well, instead of increasing your spending next year, why don't you try reducing it? If you do that, you won't need to increase your credit limit."

I said..."But, I plan to CUT spending next year, not increase it!"

He laughed again making it very clear..."A decrease in the amount of additional planned spending is NOT a cut in spending! A spending cut means you spend LESS than you did this year."

I thought about this for a seemed kind of logical....but then it hit me that I had the perfect argument....

"You know, I COULD do that....but that would be very bad ultimately. If I didn't go out to restaurants as often, the restaurant workers would lose their jobs, and couldn't feed their families. If I stopped going to the movies, all those actors and support people would lose their jobs and couldn't feed THEIR families. I can't be responsible for their future I have to keep spending. What would they do if I didn't support them? So I have to keep spending...and it is in your best interests to allow me to, or all these people out of work will default on their credit card payments. So you have no choice !""

The guffaws at the other end of the phone were even louder than last time. When they subsided he simply said to me..

"What do you think we are? Democrats?"


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