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Consumer debt `leads to credit card refusals`

28/03/2007

High levels of consumer debt have led to more credit card companies refusing applications, according to new research.

Sean Gardner, chief executive of financial comparison website MoneyExpert, said that credit card firms "have been badly burnt with bad debts", leading them to turn down potential borrowers who they suspect may get into debt.

Figures from MoneyExpert found that up to 2.8 million consumers had their applications rejected in the past six months.

Mr Gardner described this trend as "entirely sensible", especially in relation to people who "have already borrowed enough".

"Anyone with debt problems who is hoping for an easy way out by taking out another credit card is liable to find that they`ll be turned down," he said.

Increasing interest rates add to companies` problems servicing debts, he added.

Credit card debt in the UK totalled £54.5 billion in January of this year, according to Credit Action.

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