Credit card companies, many of whom operate in other financial services industries badly affected by the credit crunch, are tightening up their belts and cutting credit limits for millions of people around the UK.
A study by MoneyExpert.com has been backed up by industry-wide agreement – credit limits are being shortened and the availability of cheap credit cards is swiftly becoming a thing of the past.
Many of those whose credit limits have been cut were young borrowers who are already heavily weighed under with financial burdens. Over half of those whose limits were cut faced a £500 - £1000 cut, whilst some 15 per cent faced credit card spending cuts of over £2,500.
The worst, credit cards industry opinion seems to state, is not yet over.
Credit card companies tightening their belts
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Credit card companies tightening their belts
Tue, 08 Apr 2008
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