Motley Fool: What To Do If You Can’t Get Credit

Having helped to fuel the biggest borrowing binge in history, British banks are becoming increasingly nervous about lending to individuals.

Higher household bills (especially energy prices), plus record house prices, mortgage and other debts have all combined to make banks and other lenders more nervous about extending credit to overstretched consumers. Since the beginning of 2006, many lenders have tightened their lending criteria, particularly for credit cards and unsecured personal loans. This is partly in response to rapidly rising bad debts and a huge increase in the number of insolvencies and bankruptcies….

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