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Frozen card limit worries the customers |
| Written by Bernard Kayden | |
| Tuesday, 01 July 2008 | |
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The upper limit of many credit cards are now reduced. This cautious step is taken by the Banks keeping the global credit crunch in mind.<br><br> London (Shakespearefinance) July 1, 2008: Even if you have a whooping salary of more than £100,000, an impeccable credit track and a record of paying off the spending in full each month- You will now find it really hard to extend the limit on your credit card. The card provider are now reluctant to raise the maximum spending limit. The premier credit card provider Egg's in February cancelled the cards of 161,000 customers it deemed to be bad credit risks. However, reports say that many of these denied borrowers had impeccable credit scores.The banks wrote off £17.3bn of bad debts in the plastic money segment in 2007. Credit card companies have had a rough ride and have tightened their lending criteria due to the global credit crunch. The customer service in the UK credit card market has not been up to the usual standards. No offer to call back the customer is on the board. There is no way that this customer is not going to make payments has little to do with the extension or reduction of the upper limit. However, in such a situation, the customer can take several steps to protect himself. The customer should check that the credit information being held on him is correct and up to date. According to a recent finding,more and more people are coming to credit rating agencies before they even apply for credit to make sure that their credit file paints the best possible picture for loan or credit card availability. The card users are advised to shut down the dormant accounts. Lenders are increasingly concerned about the total amount of debt taken by the customer and add up credit limits and overdrafts to see what the maximum borrowing might be. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/ |
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