It has been reported that a record number of consumers are being refused credit cards; with almost 110000 applications rejected every week.
It is thought that many lenders are tightening their criteria when it comes to credit card borrowing in response to the mounting debt effecting consumers in the UK. Some credit card companies have been affected badly with consumer debt, one provider reported losses of over 1.3 billion last year alone.
The average interest rate on credit cards is around 16.4% with some cards being much higher. Personal Loans are a far cheaper way of borrowing money if the consumer is prepared to shop around.
