Warning fired for credit applicants

People considering applying for more credit card debt have been warned that they should be sure of acceptance before doing so.

According to David Kuo, head of personal finance at Fool.co.uk, consumers risk worsening their own debt management scenario by applying for credit deals they are unlikely to be approved for.

Mr Kuo maintains that people looking to gain more credit should be aware of the risks they might appear to pose for lenders that are currently aiming to avoid dealing with less reliable borrowers.

“If people are going to be applying for a credit card then they need to make sure that they are almost certainly going to get it before they apply for it,” he said.

Last month, a report from MoneyExpert revealed that close to 18,000 applications for credit card deals are now being rejected each day in the UK and almost 3.25 million people have been turned down in the past six months.

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