The number of credit card applications that were turned down increased during the past six months, according to new research.
MoneyExpert.com reports that 3.27 million people saw their credit card applications turned down during this period, representing a 17 per cent increase on the figure recorded during the six months to March 2007.
Sean Gardner, chief executive of Money Expert.com, said that it was "no surprise" that credit card providers appear to be stricter, given recent issues with levels of bad debt .
"And with so many of us feeling the pinch following five interest rate rises since summer last year, credit is undoubtedly harder to come by than it has been for a long time," he commented.
In related news, Abbey recently reported that 7.7 million credit card holders are aiming to reduce the number of cards they have by consolidating their debts onto a single credit card.
The firm noted that people typically have two credit cards at any one time.
News Side
Credit card rejections increase
Mon, 05 Nov 2007
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