Credit cards cutback as lenders discourage bad practice
A growing number of credit cards are being taken off the market as lenders seek to improve their practices and encourage better habits among customers.
Credit cards cutback as lenders discourage bad practice”
In the wake of the recession and the crisis that has hit the banking market, many lenders have reined in their procedures and as a result have cut back on the number of credit cards on offer to consumers.
The move has also been triggered by lower spending among consumers, with the recession making people less willing to part with their money - even on credit.
Figures from MoneyExpert.com have found over one million credit cards have been taken out of circulation since the beginning of 2008, meaning many consumers will have much less choice over which cards offer them the best terms and value for money.
"The reduction is equivalent to everyone in Greater Glasgow giving up their card," said Sean Gardner, director of MoneyExpert.com.
Meanwhile, credit card users planning a trip abroad have recently been warned to make sure they properly compare credit cards before leaving home, because while some will charge a commission on transactions carried out overseas, there are some that do not, reported the Daily Mail.
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