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Do’s and don’ts of higher credit limit

DNMUM385246 | 3/21/2017 | Author : Kumar Shankar Roy | WC :732

personal finance

For two years running, Naveen, 31, has been offered to hike his credit card limit by the issuer company. On both occasions, he unabashedly declined the offers. Naveen, who manages his credit cards with extreme caution, has a simple logic: he fears that taking more credit would force him to pay more interest some day. Personal finance experts disagree with this approach, and believe that a higher credit limit may not necessarily be all that bad.
Despite credit card companies charging higher interest rates (monthly 1.25% to 3%), the number of credit cards is growing at a healthy pace. According to RBI data, the outstanding number of credit cards in the country shot up to 28.85 million by January 2017, over 5 million more than 23.
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