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Credit card lenders to act on unsecured lending

12 February 2010 17:01:05

Credit card lenders are set to tighten their strings. image
Credit card lenders are set to tighten their strings.
Interest rate rises and shorter introductory offers could impact on credit card customers in the coming months as a result of the unfavourable economic environment, according to Defaqto.

Speaking to the Times, the financial information company's David Black suggested that customers who will require a credit card in the near future may be best served to start looking now, as lenders begin to tighten their strings.

He said: "There is little appetite for more unsecured lending, including credit cards, among providers at the moment.

"In the coming months we will see interest rates rise, more cards with annual fees and shorter introductory offers for new customers."

A UK Cards Association study found that 6.4 million credit card customers saw their interest rates increase in the period between January and October last year.

Meanwhile, a recent Post Office poll found that 38% of people were using their credit cards to fund everyday expenses during January.ADNFCR-2196-ID-19614091-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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