According to recent figures, over a million credit cards have been taken out of circulation. Credit card lenders have restricted borrowing, whilst consumers have taken to spending less on their credit cards .
The personal finance website MoneyExpert.com made it clear that the number of credit cards has slumped from 31.5 million to 30.2 million in the last year. Credit card companies are increasing interest rates and cutting borrowing limits to reduce their risk.
Money Expert director Sean Gardner reportedly commented: "The nation's wallet has grown collectively lighter over the past year as the number of credit cards we're carrying falls. Card companies don't want to lend and we don't want to spend, the result is a lot fewer cards in circulation. The reduction is equivalent to everyone in Greater Glasgow giving up their card."
Over a million credit cards out of circulation
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Over a million credit cards out of circulation
Mon, 20 Apr 2009
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