Egg is to block 160,000 credit card users from using their credit cards. These people will be receiving letters warning them that their cards are to stop working in 35 days.
It is believed to be the first time a credit card company has implemented such a drastic move to curb over spending. But other companies could follow suit over time. If many do copy and a lot of adults are affected, the ramifications on the high street could be hard hitting as people who rely on credit are unable to shop for luxuries.
Egg is believed to be targeting 7% of it's 2 million customers, because they pose a 'higher than acceptable risk profile'. This could include being over the credit limit or failing to pay the minimum balance.
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