More than 2.5 million people have been affected by changes to a credit card account in the last year, new research shows.
According to data released by uSwitch.com, the credit card customers have been told that they will be charged a fee, have their credit limit cut or have their account closed altogether.
Simeon, Linstead, head of personal finance at the firm, said: "We're not against credit cards providers curbing consumers' spending if their debts are genuinely getting out of hand.
"However, resorting to account closures, reducing credit limits and implementing annual or monthly fees without providing over one in four people with a reason for doing so is not good for consumer confidence or financial planning ."
He added that if a credit card company makes a change to an account that a customer is not happy with they should challenge it and make a complaint to the Financial Ombudsman Service if necessary.
Last week, David Kuo, head of personal finance at Fool.co.uk, called on credit card firms to cut interest rates in order to reduce the strain on consumers.
News Side
Credit card companies change terms for 2.5 million people
Tue, 13 May 2008
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