Rule Britannia, Britannia rules the .. credit cards? Would you be surprised to hear that we lead the world the number of credit cards in circulation? There are around 74 million credit cards out there and outstanding balances add up to around 56bn.
Not everyone pays the same rate of interest. Rates charged by lenders vary and you can be charged a higher APR (annual percentage rate) than those advertised. Some people may find it difficult to find credit from any source and risk being turned down if they apply for a mortgage.
If youve been caught in this situation it would look as though youve been judged to be in the high risk category of would-be borrowers. When you apply for any form of credit, lenders check your borrowing (and repaying) record through one of the credit-reference agencies. A poor credit rating means youll struggle to arrange any form of finance.
The reason for this poor rating could be as simple as having had no credit in the past. Lenders would have no information to base their judgement on. It could also be down to a reluctance to settle debts or as a result of a criminal record. Its also possible that a lender has made some sort of...
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