UK Money News
21st April 2008
Providers reject 3m credit card applications
Britons who have become accustomed to managing their finances through credit cards are finding conditions significantly harder in the wake of the credit crunch, a new survey has shown.
A new study conducted by MoneyExpert.com found that credit card companies have turned down 3.24 million applications for cards over the last six months.
This is attributable to the more stringent lending criteria being applied by providers, according to Sean Gardner of MoneyExpert.com
As a result, those who have previously switched their debt between cards set finding they are no longer able to do so.
Mr Gardner explained: "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."
The age group which is most likely to have been turned down for a credit card is those aged between 25-34, with ten per cent having had an application rejected in the last six months.
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