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Despite the fact that the worldwide economy is on a slippery slope it seems that less people filed for bankruptcy in the first quarter of 2008 compared to the same period last year. Figures...
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Monday 4th February 2008
Credit card holders should brace themselves for more companies following the example of Egg, an expert has warned.
Last week, 161,000 Egg customers received notification that their credit cards are to be cancelled in 35 days from receipt of the letter.
The move came after the lender conducting a review of its clients in the wake of the credit crunch.
Egg's actions have attracted widespread opprobrium for those affected, but as the year progresses more and more people are likely to find themselves in a similar situation, according to David Kuo, head of personal finance at Fool.co.uk.
Moreover, given the likelihood of short notice period of the cancellation, card holders should be prepared for such an eventuality or risk being "caught on the hop", Mr Kuo warned.
He said: "In a recent survey, we discovered that one in eight card holders have had their credit limits cut.
"One in a hundred card holders have even had their cards cancelled but it is customers between 34 and 49 years of age who are most likely to be affected."
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