According to the financial comparison website MoneyExpert.com, credit card customers in the UK have faced cuts to their credit limits by a number of UK card providers .
As many as 1.8 million customers have seen credit worth £3.1 billion reduced in recent months, as lenders tighten their belts and withdraw cheap credit offered in the last few years.
With problems in other sectors of the financial services industry, the credit card market is feeling the brunt. Credit card companies are extremely competitive, but customers who might not be able to repay debts have concerned lenders enough to withdraw credit on many fronts.
Several segments of the market are most at risk, including young borrowers. Many in this sector of the market have taken out debt consolidation loans to try and make ends meet. With cheap credit on the way out, experts are urging borrowers to consider a repayment plan to get out of debt .
Customer credit card limits cut by lenders
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Customer credit card limits cut by lenders
Mon, 07 Apr 2008
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