Credit card companies are becoming ever stricter about who they lend to, with more than 3.24 million people being rejected in the last month, figures show.
Data released by MoneyExpert shows that around 18,000 credit card applications are being rejected every day, indicating that firms are tightening up their criteria.
Sean Gardener, spokesperson for MoneyExpert.com, 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."
He added that people applying for a credit card need to be certain that they will be accepted as a rejection could lead to a black mark on credit reports .
Last week, Jim Hodgkins, managing director of CreditExpert, warned that people should cut back on their credit card spending or risk getting into serious debt problems .
News Side
Thousands of credit card applications declined every day
Mon, 21 Apr 2008
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