Credit crunch UK style
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.
Mon Jan 28, 2008 10:01AM | Copyright: www.bad-credit-advisor.com | More in Personal Finance | Comments (0)
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
