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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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From: maceng2	7/3/2009 4:14:16 AM
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Thousands fewer credit cards to be issued, says Bank of England telegraph.co.uk Thousands fewer credit cards will be issued as providers tighten their lending criteria, the Bank of England warned. By Myra Butterworth, Personal Finance Correspondent Published: 7:00AM BST 03 Jul 2009 Lenders have been reducing their credit card limits in the past three months and have imposed tighter credit scoring criteria, the bank said in its latest Credit Conditions Survey. Darren Cook, of personal finance website Moneyfacts, said: "This will come as a sudden shock to thousands of borrowers who are reliant on their credit cards to get them through to their next pay packet." The Credit Conditions Survey also suggested, however, that lenders raised the level of secured credit - debts typically secured against your home - available to households for the first time since the third quarter of 2007, when the survey was first published. But economists remained doubtful about the extent to which this would help support the economic recovery. Vicky Redwood at Capital Economics, said: "While lenders may be saying that they intend to make more credit available, there have been few signs yet that they are actually doing so. We continue to doubt that lending to will rise by enough to support a strong and sustained recovery in the wider economy."

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