Thursday, October 16, 2008
Credit crunch proceeds apace – can the govt force lenders to lend?
Report from MoneyExpert estimates that a total of 3.27m credit card applications and 1.56m loan applications have been refused by lenders during the six months to mid-September 2008, the equivalent of 27,000 rejections a day. People whose applications are being approved are also having to pay higher rates than they were being charged 18 months ago e.g. the interest rate on personal loans has doubled from 8.6% to 15.3%... credit has really crunched in the last six months. Is the government bailout going to change this? Can't see how, personally.