Tim and Sherri maxed-out

[Learner_2010]

English Idioms and Expressions, Advanced Level

ESL/EFL Test #36 "American Slang Words (10)", question 8

Last month, Tim and Sherri maxed-out their credit cards because he was laid-off earlier this year.

(a) reached the credit limits of
(b) paid off
(c) cut up

English Idioms and Expressions, Advanced Level

ESL/EFL Test #36 "American Slang Words (10)", answer 8

Last month, Tim and Sherri reached the credit limits of their credit cards because he was laid-off earlier this year.

Correct answer: (a) reached the credit limits of
_________________________

please explain the meaning of laid-off
thanks
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Little deeds of kindness little words of love, help to make the earth happy like the heaven above :)

[Mister Micawber]

Temporarily dismissed from one's job because of lack of work.
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Native English teacher at Mister Micawber's

[Learner_2010]