Consumers are being given a helping hand with their credit card debt by the companies which lend them the money, a new study has revealed.
According to MoneyExpert, credit card companies have reduced the spending limits of consumers by £3.1 billion in the past six months, in a bid to limit the damage from the credit crunch.
While many consumers have seen the amount they can borrow on their credit cards reduced by £500, some lenders have cut limits by over £2,500 - with the average reduction at £1,600.
The company`s Sean Gardner said: "Overstretched consumers might look to resort to credit in a bid to make ends meet but they should not rely on it as a way of keeping spending.
"Credit card companies are becoming stricter in who they lend to and the amount of money their customers can borrow."
According to Credit Action, the average UK consumer owed £4,774 in credit card bills and overdrafts at the end of February.
