Missoula, MT (KGVO-AM News) – Another financial blow for the state of Montana; this time when it comes to credit limits.
I spoke with Wallet Hub analyst Chip Lupo about the report just released this week that said Montana is in tough shape when it comes to our overall credit limit.
Montana Worst in the US in Credit Limits Being Reduced
“We’re talking about the credit limit,” began Lupo. “Just to sum it up, the average person’s credit limit over this 12-month period from the second quarter of 2024 compared to 2023 was 15 percent lower than a year ago. So we’re at about $4,800. That’s the average, and it’s the worst in the U.S.”
Lupo said credit card companies have a great deal of power in setting your credit limit.
Credit Card Companies Have the Power to Lower Your Credit Limit
“Credit card companies have the right to automatically lower your credit limit if circumstances require it, or sometimes they don’t even need a reason,” he said. “Sometimes your credit limit could just be lopped off; could be cut substantially by the credit card company for whatever reason. For instance, during COVID, credit card companies were cutting credit limits across the board to mitigate the risk of people overspending.”…