Consumers hoard 38m credit cards

Consumers are holding on to 38m unused credit cards, with a total credit limit of &pound;200bn, in a desperate bid to cling to a financial safety net, according to a report published yesterday by<br /><br />With unemployment at 2.38m and over 3m credit card rejections over the past 12 months, consumers are increasingly &ldquo;loathe to close these accounts and let the lifelines go&rdquo;.<br /><br />The research showed that&nbsp; over 16m consumers have two cards they do not use, while nearly one in ten said that they have as many as four.&nbsp; Only 1.8m had cut their cards up.<br /><br />But uSwitch warned that the practice could have a&nbsp; negative impact on consumers&rsquo; credit scores, which&nbsp; take the amount of credit available to an individual into consideration.