According to a recent article reported by the Fool.co.uk, those UK consumers who lie in order to obtain a credit card could be setting themselves up for financial problems.
The financial information and services website argued that those consumers denied credit cards are generally not allowed one for a good reason. Lying on an application form, the site says, could have bad consequences.
Those people that cheat on their credit application are likely to get caught, the article warned, and the result could be further denials for credit cards .
The credit crunch and pressure on UK consumers could result in greater levels of fraudulent applications, further denials, and black marks on the credit history of many consumers. Credit card companies are eliminating their risk, meaning many more consumers are being turned down than ever before.
Don't lie when applying for credit cards
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Don't lie when applying for credit cards
Tue, 20 May 2008
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