FMOOD 0341: They Control You - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

Whether you acknowledge this statement or not, they control you. If you're wondering who I'm referring to, I'm referring to the credit card companies, loan companies, and any other entities that charge you money for borrowing their money.

 

If you are under the false impression that you're in control when it comes to these institutions, it's time to realize a few things. Especially when it comes to credit card companies, they have the final say as to whether or not you receive one of their cards or if you are able to successfully request a credit limit increase.

 

What's worse is that there's a concept which some credit card companies employ that amounts to essentially being a credit card limit decrease for customers. Yes, you heard me correctly. Credit card companies have the ability to take what you thought was your personal available line of credit and decrease it as they wish when they wish to do so, and sometimes this decrease will bring your available credit limit incredibly close to what you currently owe.

 

When this happens, this will hurt your credit score. You could try calling and asking the credit card company to reverse their decision on the credit limit decrease, but chances are, they won't willingly do this. That leaves you with a credit card (or several) that are now close to the max, even when this was never your intention to be in this particular situation. Credit card companies want to limit their risk, and they have the absolute right to do just that. Unfortunately, this ends up hurting you, the consumer.

 

If you end up in this or any other negative situation with a credit card company or other similar entity, it's time to get mad. The emotional reaction that you have leads to passion, and passion leads to action. It's time to take control back from these bully institutions, and the sooner the better. Once we realize this and begin to take the steps needed to accomplish this, we will win. God bless.

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