Following a recent opinion in the financial services news that as many as seven out of ten credit card applications will be rejected by 2012 (as a result of tightening lending criteria caused by the credit crunch), it appears that credit is becoming increasingly hard to find.
The news is accompanied by reports from the mortgage market that indicate falling numbers of mortgage products available, and increasingly tighter lending criteria. The UK is in something of a personal debt quagmire, with billions borrowed as part of a culture of credit .
Now, experts are predicting a tightening of the belt, a change that may mean radical lifestyle alterations for some. Unfortunately, many UK consumers rely on credit cards just to make ends meet.
Importance of credit record in credit card applications
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Importance of credit record in credit card applications
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