While it may be flattering to receive a line of credit offer or a pre-approved credit card limit increase, you should think twice before accepting. You need to weigh the benefits against the risks. While there are a few instances in which a credit limit increase would be to your advantage. On the flip side, having more credit available than you need could lead to problem debt.
In this podcast episode, Francyne Meyers, Licensed Insolvency Trustee with Allan Marshall & Associates, looks at the advantages of accepting a credit limit increase. She also weighs in on the disadvantages and what you need to be aware of.
Other questions answered are:
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
In 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.