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Barclaycard slashes credit limits to cut debts

26/09/2007

One of the UK`s biggest credit card companies has cut the credit limits of over half a million customers in an effort to stop rising credit card debts.

Barclaycard has cut the limits of customers whose debts were seen to be too high, with some being cut sharply, while others only by a small amount, the Guardian reports.

The company, which has more than ten million customers in the UK, has also announced it is tightening the criteria for people applying for cards, to stop spiralling debt figures. The provider stressed its actions did not have anything to do with the current credit crunch that led to the recent problems at Northern Rock.

A spokesman told the publication: "It is one of a number of initiatives we took and on an individual basis we will continue taking action when a customer shows signs of getting into difficulty and their level of debt is getting worse."

Earlier this month, Barclaycard launched the OnePulse combined card, which links Oyster, credit card and cashless facilities.

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