A report from MoneyExpert.com has highlighted the increasingly strict stance credit card companies are taking toward their customers.

Close to 1.8 million people have found credit card borrowing limits reduced over the course of the past six months, according to the price comparison firm’s latest research.

And with millions of consumers facing debt problems and the prospect of insolvency, MoneyExpert.com has suggested that those who rely on their credit card to get by could soon be struggling financially.

"Credit card companies are becoming stricter in who they lend to and the amount of money their customers can borrow," said Sean Gardener from the price comparison company.

"If you don’t have a repayment plan in place it is time to get one," he added.

Research commissioned recently by Tesco and the CSV charity found that debt management is the single greatest concern of young British consumers.