More and more banks are using high credit card lines to woo new customers and encourage big balances, and consumer experts are urging people to cap their own card lines and reject unnecessary extensions of their credit. Just because someone is extending them credit doesn't mean they can afford it. Linda Sherry, editorial director for Consumer Action , a consumer advocacy group based in San Francisco, encourages people to call the bank after every credit limit hike. You have to make the effort.
Experts say that figure is much too high.
And there's many people out there who should have a lot less because of their income. Stephen Brobeck, executive director of Consumer Federation of America, agreed. And smart consumers carry no credit balance from month to month. First off, lenders view all open credit lines as potential debt. Too much unused credit may affect a person's ability to qualify for a home or car loan.