UK Money News
29th January 2008
Credit card owners urged to rein in spending
Borrowers with credit card debts should cut their spending before banks do it for them, according to a personal finance expert.
New data from Fool.co.uk shows that one in eight card holders have had their limits cut in the face of the credit crunch, with the average reduction standing at around seven per cent.
Those most likely to be affected are those in the 34-49 age range, where one in six has confirmed that their lender has imposed a cut.
However, at the same time lenders are increasingly offering more credit to young consumers, with 50 per cent of respondents in the 18-25 age range reporting that their limit had been upped.
Nonetheless, irrespective of the treatment meted out by their providers, customers would be prudent to be wary in the current financial climate and reign in their spending, David Kuo, Head of Personal Finance at Fool.co.uk, said.
"There are indications that lenders are pulling down the shutters for some customers, and holding the door open wide for others.
"But consumers must avoid getting their fingers trapped in the credit crunch because what banks give with one hand they can easily take away with the other," he explained.
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