Compare UK credit cards or lose out on the long-term

UK Credit card holders feel that to compare a deal can be one of the best ways to obtain a credit card.

12 per cent of credit limits have been cut according to the latest data from the independent personal finance website Fool.co.uk.

Cardholders aged from 34 - 49 years of age are most affected. 17 per cent within this age group confirmed their credit limits have just reduced. 14 per cent in their early 50’s have also seen their spending limits reduce.

14 per cent have been given extra facilities by their credit card providers over the months. Nevertheless, 50 per cent, or three times as many cardholders, aged between 18 – 25 have seen their spending limits elevated. Comparing credit card deals was a solution.

Head of Personal Finance, from Fool.co.uk, David Kuo commented: “On the one hand, they are slashing credit limits to older consumers who have become accustomed to credit.

“As part of Fool.co.uk’s report into Your Finances in 2012, we predicted that secured lending will grow at the expense of unsecured borrowings.”