UK Money News
7th April 2008
Credit card firms slashing limits
Credit card companies have cut the borrowing limits of 1.8 million customers over the last six months, it has been revealed.
The average limit was cut by £1,600, with Moneyexpert.com, which conducted the research attributing the trend to lenders tightening their loans criteria in the face of ever tightening conditions in the credit markets.
Sean Gardner, chief executive of the site, said: "Credit card companies are becoming stricter in who they lend to and the amount of money their customers can borrow.
"Overstretched consumers might look to resort to credit in a bid to make ends meet but they should not rely on it as a way of keeping spending."
Mr Gardner urged those who are facing repayment problems to take advantage of a zero per cent offer, the range of which seems to be relatively undamaged by the crunch.
He advised: "There's nothing inherently wrong with taking advantage of a zero per cent credit card for a year as long as spending is controlled.
"The warning lights should be shining brightly however if you find you’re going from card to card without making a dent in the amount you owe."
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