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Credit card companies get tough.

Almost three million credit card applications have been turned down in six months as providers get tough on bad debt, it was claimed.

Research found as many as 2.8 million attempts to obtain a credit card had been rejected, around 15,555 a day.

MoneyExpert.com warned people who genuinely need credit may have been excluded.

Banks have been hit by rising bad debt since last year as more and more people renege on repayments on loans and credit cards, the price comparison website said.

A poll of 2,300 adults revealed six per cent of people had their credit card application turned down.

One in ten reported having been rejected for financial products.

Sean Gardner, chief executive of MoneyExpert.com, said: "Credit card companies have been badly burnt with bad debts."
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Publication:The Birmingham Post (England)
Date:Mar 29, 2007
Words:133
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