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Credit crunch UK style

Mon Jan 28, 2008 10:01AM | By Tony

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The problem with credit and credit crunch in UK is not better if not worse than in US. Gone with the wind the hey days of mortgage lending and credit card bonanza. According to the Fool UK, 1 out of 2 credit applications is denied today, and that includes all kinds of loans - credit cards, mortgages, car loans and so on. But by the year 2012, 7 out of 10 credit seekers will get denied, resulting in serious credit crunch in UK.

The mountain of UK personal debt has now reached a colossal £1,391 billion and continues to rise at an alarming rate.

So in a sense UK follows our problems here. If you want to escape the credit crunch that is coming, prepare in advance for that loan application - get your credit report, check if it is up-to-date and accurate, correct all the errors and inaccuracies, and shop around. Also think twice if you need a new car, a bigger house or a new credit card. After all, it may be wise to stay away from credit crunch in UK.

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