Consumers Advised That Credit Applications Must Be Truthful
Posted on May 20, 2008 - Filed Under Finance | Leave a Comment
In a world where credit is increasingly difficult to come by, consumers have been urged to resist the temptation to include falsehoods in applications for cards or loans.
According to David Kuo, head of personal finance at the independent advisory service the Motley Fool, the growing number of people who are lying on their credit card applications are doing to because many more banks are now looking to avoid providing finance to customers perceived to be more of a risk. His comments came in response to a recent study by the UK fraud prevention service Cifas, which found that there has been a 13 per cent increase in the number of people who are making untruthful applications for personal loans, insurance products or credit cards in the first quarter of 2008.
Read More..>>Mortgage Loan Approvals Fall By Half
Posted on April 28, 2008 - Filed Under Business | Leave a Comment
With widespread concerns over the stability of the housing market escalating in recent months, new statistics have shown that approval rates for mortgage loans fell by 50 per cent during March 2008.
According to the British Bankers Association, figures for all major high street banks showed a downturn in the availability of mortgage loans, with personal loans also being reported as weakening. Total figures for mortgage lending among all major banks stood at 5.1 billion pounds, down from 5.5 billion pounds in February. This amounts to just 35,417 new mortgages being approved during the course of the month, an 18 per cent decrease from the previous month. Consumer credit approvals also fell by 200 million pounds to stand at 500 million pounds.
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