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15m credit card holders see limits increase


Credit card companies are regularly increasing customers credit limits without prior permission, according to research from Debt Advisory Centre.

The research showed that 41% of card holders have had their credit card limit increased without requesting a higher limit. This move left people annoyed and nervous that they would accidentally spend the money and then not be able to afford to repay it.

The most likely to be targeted for an increase are those aged between 25-34, with 54% having higher limits. The average increase was of £750, and more than a third of people said their limits were raised by over £1,000. Experts have expressed concern that this practice could lead to increased levels of debt among consumers.

Ian Williams, a spokesman for Debt Advisory Centre, said:
“Credit cards can be a great financial help when used properly. However, they can also be a way for consumers to find themselves in unmanageable debt. While it might feel comforting to have available credit, it would be ill-advised for a consumer to take on more credit than they are able to pay back, even if their credit card provider feels they can handle it.
“If anyone finds themselves in financial difficulty, they should seek help and advice from a reputable service.”

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