If you don't trust yourself with that much credit, you should ask that the limit be reduced.
More Quotes from Fritz Elmendorf:
Bankruptcies are very serious issues that can often be avoided by seeking help from a professional debt counseling service that will intervene with creditors.Fritz Elmendorf
This year, there's a better chance that rates will start to climb up than there is a chance for more significant easing. If you're considering refinancing, you shouldn't wait.
Fritz Elmendorf
I think our main concern is in calling for some type of federal policy that affects the issuance of credit cards or any credit to consumers. This is a very competitive business and it does provide a great amount of convenience to consumers. Any effort to curb that would affect a lot of lower income consumers disproportionately.
Fritz Elmendorf
A lot of people get a home equity loan and do it on their own, short of going to a credit counseling agency. You can consolidate your credit card debt and have a lower monthly payment that will maybe get you through a squeeze.
Fritz Elmendorf
The broad trend among banks is to service customers almost regardless of their credit standing. They do not want to turn a customer away, particularly if it's a customer with a checking account or another relationship.
Fritz Elmendorf
A lot of consumer advocates say you shouldn't put your home at stake, and that's advice worth considering. But using your home gives you access to credit that's cheaper than other sources.
Fritz Elmendorf
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