UK Money News
4th February 2008
More card firms to follow Egg's lead
Credit card companies could be set to cut the spending limits of hundreds and thousands of customers in coming months, according to a leading personal finance website.
Last week Egg announced it is cancelling the cards of 161,000 of its customers after conducting a credit review and that the cards would no longer be active within 35 days.
According to David Kuo, head of personal finance at Fool.co.uk, more banks are set to follow suit in the next few months as they react to the credit crunch, who warned that the short notice periods likely to be given by lenders could see many consumer "caught on the hop".
Those in the 34-49 age range are urged to be especially wary by Mr Kuo.
He said: "One in six people (17 per cent) in this age group say their credit limits have been reduced, and one in seven people (14 per cent) in their early fifties have seen their spending limits shrunk.
"We reiterate our warning to card holders to take care as lenders pull down the shutters to avoid getting more fingers trapped in the credit crunch."
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