UK credit card industry’s exhaustion

As a new research states, over 3.24 million UK customers in the past half year were rejected by credit card companies. It is explained by the policy of financial institutions which tightens risky lending.

Every day 18,000 credit card applications are being turned down in the UK which in its turn makes more than evident the fact that credit industry in the country is in the doldrums.

Credit card companies decided to reduce credit applications on the score of increasing levels of bad debt that hits banks.

During past six months 7% of adults have been rejected. According to the research credit card services were declined more than any other financial service.

Young adults were rejected more that any other group of people. 10% of people aged 25 to 34 received a refusal for credit card application. Retirement age people were in minority to get a turn down with only 3% of adults aged between 55 and 64 rejected.