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Tuesday, 27 May 2008 |
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By Abbi Rouse
Commenting on recent research suggesting that 18,000 people are refused credit daily, a spokesperson for financial advice resource Fool has said that there are limits on the amount that banks can loan in a tightened economic environment.
According to David Kuo, head of personal finance at the firm, today's banks are operating in a more cautious economic environment and as a result are more reluctant to lend. unsecured credit was identified as an area of financial backing particularly constricted by the global uncertainty concerning economic stability. He added that while most banks do want to issue credit cards, there is a limited amount of money to lend. His comments came in response to figures published by Moneyexpert recently suggesting that one in fourteen consumers who had applied for credit in the past six months had been refused - a total of 3.24 million people throughout the UK.
Offering advice to those looking to obtain a loan or credit, Mr Kuo commented that it was important to assess objectively whether a loan is likely to be successful, with likely causes of rejection such as poor credit history or high levels of personal debt identified as |
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Last Updated ( Tuesday, 27 May 2008 )
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