Recently, we had a GBP 12K bill shock, the issue is still pending resolution. It nearly gave me a heart attack!
While the root cause is being analysed by google, I believe that either there is a billing bug or our Freelancer developer's account got hacked.
Google had somehow set the credit limit to GBP 10K and we had missed to set a budget alert. However, budget does not hard stop the billing.
There should be a Billing Admin settable hard stop a run away billing to avoid bill shock. This could happen by way of allowing the billing admin set an overall spend limit (just like credit cards) or have a pre-paid option like a telecom prepaid account.
I could not find a way to set the credit limit for a billing account, even after searching. Is there a credit limit setting that I am missing?