Your credit limit is $1,000 what is the max you should ever owe on this card?

When the financial institution or lender gives a borrower a maximum credit limit of $1,000, it means that he can only owe within that amount or spend up to that limit. Otherwise, spending more than $1,000, the borrower may face penalties or fines in addition to his regular payment. In other words, credit limit refers to the maximum amount of credit a bank extends to the client who has the capacity to pay his debt.