Four months ago, I walked into Bank of America to make a routine deposit and walked out with a rewards credit card limit that was more than six times my usual.
It wasn't as if I hadn't earned it, I thought. I spent the last two years dutifully paying down each of my debts and it was high time I had something to show for it.
And then I went shopping. It started as a means of paying for furniture for my new apartment (points), then a grocery fund (points), and, when I went to visit my family for the holidays, it was the card I used for gas (points).
Before too long, I realized I'd bitten off more than I could chew. And now I'm paying for it. The point is that no matter how big your credit limit, or how fat a mortgage loan your bank offers you for a new home, that doesn't mean you have to take it. Know your limits and what you can afford. Then tell them how much you need.
By Business Insider