My wife and I are having problems budgeting with our credit cards. We are trying to use our debit card, but while we can focus for a short period we have problems getting the discipline to keep the credit card from growing, and we have been getting surprised in the last couple of months.
We would like to reduce our credit available to something like $500 (from 9K a piece). I know this will have an impact to our credit used to available, but are there any other reasons to not do this. Will the credit card companies not allow such a reduction?
Aside from the fact that could use better discipline, any budgeting tips are appreciated. We use mint for tracking, but can never get close to our savings goals.
Most important, what are my rights? Can I set my credit limit as low as I want? I imagine this would all be in my card member agreement, right?
Update: Chase won't let me get the balance below 5K. It looks like my only option is to cancel the card.