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Over 3m `refused cards as credit criteria tighten`
23/04/2008
Credit card companies turn down an average of 18,000 applications for cards every day as they continue to tighten their lending criteria, new research has revealed.
A study by MoneyExpert found that 3.24 million people have been refused credit cards in the past six months, forcing many to consider professional debt advice as a result.
The figures show that one in 14 people have been rejected by a credit card company over the past six months, as the effects of the credit crunch have bitten into the finances of lenders.
Sean Gardner, of MoneyExpert, said: "For years borrowers have had the upper hand in the credit card game but the rules have now changed. People with debts who thought they could keep shuffling their cards to stay ahead are now running into trouble."
According to Credit Action, the average consumer owed £4,774 on credit cards, loans and overdrafts at the end of February.
