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Consumers advised to readdress finances

Consumers advised to readdress finances

• Pay off those credit cards with a remortgage or loan

 

Consumers who have been turned down for a credit card application should be addressing the state of their finances, one expert has said.

According to David Kuo, head of personal finance at Fool.co.uk, people who struggling to secure credit, perhaps in the form of loans or credit cards, may have excess amounts of debt in comparison to what they earn.

He said: "People need to re-evaluate their own lifestyles at the moment, have a look at their own finances and if someone turns you down for a credit card then ask yourself: Why?"

Mr Kuo noted that these consumers should check their credit reports to understand why lenders are wary of them.

Defaulting on credit card payments and other similar bills are likely to negatively affect a person's credit application, he added.

The number of people seeking advice on debt has increased this year, figures from Citizens Advice stated.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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