Credit cards becoming difficult amidst rising bad debts

London (online-unsecured-loans) April 3, 2007: According to a research by price comparison service firm, around 2.8 million people have been refused a credit card in the last six months. The number of rejections is quite high after the banks started to suffer losses on account of bad debts.

Barclaycard, UK's largest card firm lost 1.5 billion pounds in bad debts during 2006. It is quite evident that bad debt problem is increasing since the last year. 

Sean Gardner, chief executive at MoneyExpert.com, said: "Credit card companies have been badly burnt with bad debts and are putting the shutters up in response. Anyone with debt problems who is hoping for an easy way out by taking out another credit card is liable to find that they'll be turned down."

Apart from credit cards, there are many other unsecured finance options available in the UK financial market. Overdrafts, unsecured loans, short term unsecured personal loans, etc., constitute some of the sources for unsecured finance. 

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