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Reduced card limits should make people more disciplined

Tue, 17 Mar 2009

Reduced credit limits will mean customers should be disciplined with their spending, it has been claimed.

According to Fool.co.uk, as a growing number of people find their credit limits slashed, consumers need to take more responsibility.

David Kuo, head of personal finance at the money website, comments: "Whilst banks and credit card companies are cutting people's credit limits that also now means that people have to be disciplined because they don't have that flexibility anymore."

He adds that if people pay off their credit cards at the minimum rate then it could take them years to clear their debt completely and if they had been saving rather than spending they would be much better off.

Mr Kuo also states that many people do not realise what factors such as penal interest rates can do to the debt they already have, which can cause huge problems for some individuals.

Research released recently by Moneyexpert.com showed that credit card companies have gained £5.29 billion in the past six months by cutting card limits.

Some 2.7 million customers have had their credit limit reduced.

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