Credit card rejection rates soaring

The rate at which credit card companies are rejecting applicants is increasing dramatically across the UK, according to the latest figures.

Research carried out recently by MoneyExpert has shown that almost 3.25 million Britons have been refused access to credit card debt over the course of the past six months.

As many as 18,000 people are being rejected for a credit card deal each day as lenders look to avoid what they consider to be risky borrowing arrangements, the price comparison firm reports.

“Given the turmoil in the mortgage markets the options are running out for people with problem debts,” said Sean Gardener from MoneyExpert.

“They need to take control of their borrowing and crucially to reduce their debts.”

Neil Munroe, external affairs director for Equifax, said recently that the lack of credit accessibility will lead many people to borrow through more expensive deals.