Egg started sending out letters to its customers last Thursday to tell them their cards where to be locked in 35 days, although they are expected to continue making repayments. The move is reported to be a response to the company being bought last year, rather than the global credit crisis.
HSBC has reported that its acceptance of credit card applications has reduced from around 2 in 3 to just under 1 in 2 applications, whilst Barclaycard has said that it is blocking some customers from withdrawing cash on their credit cards, as this can be a sign of financial distress.
A poll on the This Is Money website reported that about 20% of respondents have suffered a cut in their credit limit since August. Whilst the website MoneyExpert.com reported from its survey that the number of people missing at least one repayment has soared. In June around 4.1m card holders had missed a payment whereas by December that figure had increased by 1m.
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