Debt Management News
Over 3 million stung by credit card refusals
23th April 2008
3.24 million People have been refused credit cards in the last 6 months according to MoneyExpert, and many of these have been forced to consider professional debt advice as a result.
With the credit crunch biting into the finances of the lenders, an average of 18,000 applications a day have been turned down – that’s 1 in 14 people!
According to Credit Action, the average consumer owed £4774 on credit cards, loans and overdrafts at the end of February.
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".
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