Picture
I have a new obsession: being a Frugal Franny. Ever since Gail Vaz-Oxlade’s show Till Debt Do Us Part started airing I have been incredibly interested in budgeting, saving, debt repayment and investing. (if you have never seen this show, watch it. It’s awesome!)

Since I have been off work and transitioning onto maternity leave benefits I have become extra obsessed with balancing our budget, living off of “money jars” and getting started on saving reasonable amounts of money for certain things. In theory my plans always look great on paper. In practice we have an incredibly hard time sticking to them. Things always come up that eat into our budget and we are used to buying what we want/need, when we want to, and getting by without a problem.

 
 
Picture
***Disclaimer- I am by no means a financial expert, nor do I have any professional training or education in finance (Except for 2 Certified Financial Planning courses). I simply enjoy learning as much as I can about investing, finance and budgeting, and anything posted on this blog is my own opinion, and a professionally un-informed opinion at that.***

Yesterday when we picked up the mail, once again there was a letter addressed to Blair and I from Visa, marked Urgent! A Special Opportunity Inside!

This was the third letter of this type we have received over the last 6 months.

So, once again I opened the letter to see what it had to say... I mean after all, maybe they are offering us a one day shopping spree or something on our credit card. A girl can dream, right?

But no, the "special opportunity", available only for a "limited time" was an offer to increase our credit limit by 50%.

Most people would not think twice about increasing their credit limit. Wonderful!! They might think. Visa thinks I am such a trustworthy and good customer that they want to give me more credit. I rock! Right? Wrong.

Until recently, credit card companies could increase your credit limit without the average person even noticing. There would just be an increased amount showing on your statement when it arrived, and a small notice at the bottom indicating that your limit had been increased, and if you did not with to accept this limit increase, you had to call Visa and cancel it.

On May 21, 2009, The Minister of Finance released new credit card regulations to help protect consumers. Relating to this blog is article 6. CONSENT TO INCREASE CREDIT LIMITS, which reads