Banks offering consumers higher credit limits
Banks offering consumers higher credit limits
Friday 1st August 2008
New data from finance site Fool.co.uk showed that, in a poll, some 94 per cent of respondents said they have had their credit limits raised by lenders without even being asked.
Worryingly, the higher credit limits are being offered despite the banks failing to carry out even the most basic checks on their customers.
This was borne out by the fact that one in nine was given credit despite the fact that they had a bad credit rating.
Furthermore, 44 per cent admitted they have been offered credit that they knew they would not be able to repay.
The findings will add to fears that the country is on the brink of a debt epidemic, with repayments becoming increasing unmanageable for millions of people.
Debt management companies urge consumers struggling with a debt problem to seek out professional debt help to help advise them over possible debt solutions such as debt consolidation and debt management plans.
Is Debt causing you worry and stress? We can help
Related News
Poor families hit hardest by British Gas price hikes - 01/08/08
Price hikes from British Gas will impact most heavily on poor families, putting further pressure on debt-hit Britons, a charity has warned
Price hikes from British Gas will impact most heavily on poor families, putting further pressure on debt-hit Britons, a charity has warned
Lenders hike rates on overdraft debt - 30/07/08
Banks are stinging Britons with higher repayment rates on their overdraft debt, it has been revealed
Banks are stinging Britons with higher repayment rates on their overdraft debt, it has been revealed
Cash-strapped Brits skipping meals - 29/07/08
Debt-hit Britons are struggling to pay higher food bills with many reduced to cutting out meals, it has been revealed
Debt-hit Britons are struggling to pay higher food bills with many reduced to cutting out meals, it has been revealed
EDF hikes energy tariffs - 28/07/08
EDF Energy has become the first of the UK's large energy suppliers to hike prices for consumers who are already likely to be wrestling with higher debt repayments and the soaring cost of living
EDF Energy has become the first of the UK's large energy suppliers to hike prices for consumers who are already likely to be wrestling with higher debt repayments and the soaring cost of living
Debt advice firms lobby for crackdown on payday loans sector - 28/07/08
Debt advice groups have called for an immediate crackdown on payday loans companies which hit borrowers with crippling interest rates
Debt advice groups have called for an immediate crackdown on payday loans companies which hit borrowers with crippling interest rates
