Credit crunch `making cards more difficult to obtain`

19 March 2008

People in the UK are finding it more and more difficult to obtain credit cards with low interest rates due to the credit crunch, according to an industry expert.

As credit becomes harder to find, many people across the UK are contemplating entering a debt management scheme in order to cope with their financial situation, Credit Action claimed.

The uncertain financial outlook has meant that the interest rates on offer to credit card customers are similar between lenders, due to the credit crunch, Chris Tapp, director of Credit Action, said.

Mr Tapp added: "Credit cards and all kinds of credit have become a less widely available and a more expensive option for borrowing than they were in the recent past."

Recent research from MoneyExpert found that more than three million British consumers have five or more credit cards to their name.

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