As credit card companies continue to squeeze out risky lending, Credit card companies are rejecting 18,000 applications every day, according to research from MoneyExpert.com.
More than 3.24 million credit card applicants have been rejected in the past six months, providing further evidence that the UK’s love affair with credit has come to a painful end for consumers who are struggling to make ends meet in the current financial climate of rising food prices and energy costs.
MoneyExpert has voiced concern that these millions of rejected applicants – more than for any other form of credit – are harming their credit record, and suggests that each potential credit card customer get a free credit report and consider the strength of their credit rating before applying.
The UK’s biggest credit rating agency said that increasing levels of debt and the lack of liquidity is hitting lenders as well as consumers and many are reforming their rules to reflect current economic conditions.
|