Thousands of UK borrowers denied a credit card due to tighter lending criteria and the credit crunch are resorting to their banks by taking out larger overdrafts . Many borrowers now fins it hard to get personal loans or credit cards, and so choose overdrafts to borrow.
Overdrafts are often an expensive way to borrow money, but the latest credit squeeze has dramatically increased the amount owed on overdrafts . Borrowing figures that dropped well below the £10 billion mark on overdrafts soared again in March to £.9.6 billion.
Many lenders will currently only loan to those borrowers that have a perfect credit score . This means that many borrowers cannot access personal finance products such as credit cards, and instead turn to bank overdrafts.
Overdrafts salvation of those denied credit cards
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Overdrafts salvation of those denied credit cards
Tue, 06 May 2008
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