Consumers 'have less access to credit'
Consumers 'have less access to credit'
Tuesday 17th February 2009
David Kuo, head of personal finance at Fool.co.uk, explained that tighter lending conditions have meant that customers can no longer order a new credit card and receive it "within three or four days".
He said that the clampdown on credit card lending has resulted in a new approach to money from some consumers, who are now spending "what they have, rather than what they can borrow".
Mr Kuo also claimed that some people are adopting a "more prudent" attitude to their finances as a result of the economic downturn.
The financial expert was commenting on the Apacs spending figures for December 2008, which reveal that credit card spending decreased by 4.8 per cent on the corresponding month in 2007.
A report published by AXA in December claimed that over 3.7 million UK people are struggling to manage their credit card bills and could be at risk of severe debt problems.
News article brought to you by Debt1 – UK debt management specialists.
Related News
New summary box 'could reduce credit card debt' - 16/02/09
Financial watchdogs are hopeful that changes to the way in which credit cards are marketed could reduce the number of consumers falling into debt
Financial watchdogs are hopeful that changes to the way in which credit cards are marketed could reduce the number of consumers falling into debt
MPs hear of student debt woes - 13/02/09
A committee of MPs has been informed that debt is the worst part of the university experience for students in the UK
A committee of MPs has been informed that debt is the worst part of the university experience for students in the UK
Britons cut back on Valentine's spending - 12/02/09
A new survey has indicated that debt worries and other financial concerns are taking their toll on romantic Britons
A new survey has indicated that debt worries and other financial concerns are taking their toll on romantic Britons
Valentine's Day plans hit by money worries - 11/02/09
The fear of debt and other concerns associated with the recession are threatening to put a dampener on the Valentine's Day plans of UK residents, according to a new survey
The fear of debt and other concerns associated with the recession are threatening to put a dampener on the Valentine's Day plans of UK residents, according to a new survey
'Unnecessary purchases' lead to credit card debt - 10/02/09
Credit card holders have been advised to give their finances a boost by being more sensible with their plastic
Credit card holders have been advised to give their finances a boost by being more sensible with their plastic
News Article Search
Quick Apply
News Archive