CCCS: People are handling the credit crunch correctly
www.moneynews.co.uk > General finance > CCCS: People are handling the credit crunch correctly
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Money News |
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CCCS: People are handling the credit crunch correctly
Tue 28th Oct 2008
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Spokesperson Tom Howard praised UK consumers for being "thrifty" and reducing their spending on luxuries and unnecessary items.
Mr Howard also noted that more people might apply for loans to try to keep them going but he warned that such a tactic would be "risky".
Lenders cannot be relied upon to give the money, he explained, adding that people should apply for loans only if they are sure they can make the repayments.
He added that circumstances can change, such as job loss.
The CCCS, he said, would rarely suggest using more credit to escape a bad credit situation.
A YouGov poll commissioned by MoneyExpert.com has found that nearly five million product applications from people seeking new credit cards or personal loans have been refused by lenders in the past six months.
Those aged 25 to 34 are the most likely to be rejected, with 21 per cent of applicants in that age group having failed to obtain a credit card over the last six months.
Related News : General finance |
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Related News : Loans |
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