Friday, October 26, 2007

What about one last debt splurge for Xmas?

Credit crunch sees consumers reduce borrowing

Consumers will take on less unsecured debt this year as lenders raise their rates and reject a higher proportion of applicants, a report shows. Personal loan rates have increased by up to 4 percent, according to recent data from price comparison service Moneyfacts.co.uk. At the same time, lenders are tightening their criteria on both mortgage and other debt, as they respond to volatility in capital markets and higher perceived risk among borrowers. The number of rejected mortgage applications has surged by almost 60 percent over the past six months...

Posted by davethebox @ 10:24 AM (637 views)
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