My name is John Q. Public. I live a good life, make lots of money (never mind how) and have debts such as a mortgage on a great house – $375,000, a Cessna – $150,000 (my air force), and a sweet little two mast sailing ship – $78,000 (my navy). Also my wife and children (my army) spend a lot of money. My total credit card debt is $97,000.
But this was a bad month for revenue collections and there was only one thing to do. I called the customer service agent at my bank – the 3rd State Bank of Chicago, and asked for a credit limit increase. The friendly customer service agent asked how much I wanted my credit limit increased and I suggested from $100K to $200K. She checked with the credit computer and it beeped back ‘fine.’ She added, ‘Mr. Public, we are running an after-Christmas special on credit limit increases this week. For a one-time payment of $25 we’ll increase your limit another $100,000 to a total of $300,000, and you’ll be eligible for another guaranteed limit increase in six months. Would you like to approve that $25 charge to your account?’
I said, ‘Sure. That would make me very happy.’
This post was published at Deviant Investor on January 19, 2016.