Britons may find that their access to plastic cards is diminishing rapidly, according to new figures.

In research carried out by MoneyExpert, it was revealed that about 18,000 applications to take out a credit card have been turned down each day for the past six months. Since October 2007, the personal finance publication showed that more than 3.24 million attempts to borrow via a credit card have been declined. Overall it was indicated that seven per cent of Britons – about one in 14 people – have been hit with a rejection for a credit card during this period of time. Such refusal rates were attributed to the continued impact of the credit crunch.

Furthermore, young Britons were indicated as being most likely to be refused for a credit card. During the past six months MoneyExpert showed that ten per cent of people between the ages of 25 and 34 were turned down, compared to just three per cent of those in the 55 to 64-years-old age bracket.

Due to struggles with handling credit card debts, it may be possible that consumers encounter difficulties in managing other demands on their spending. Such areas could well include making repayments on personal loans and store cards, household bills and mortgage payments.

Sean Gardner, chief executive of MoneyExpert, stated that as the wider monetary markets continue to experience difficulties it is important for consumers to take steps to get their finances in the best shape possible.

He said: “For years borrowers have had the upper hand in the credit card game but the rules have now changed. People with debts who thought they could keep shuffling their cards to stay ahead are now running into trouble. Card applicants need to be confident that they are going to be accepted in the current lending environment as a rejection could lead to black marks on credit reports. A credit rejection could have knock on effects for borrowers when it comes to taking out all kinds [of] financial products including a mortgage.”

Mr Gardner went on to report that it is crucial for those struggling with their debts to “take control” of their borrowing as soon as possible and look to reduce their level of indebtedness. He added that with the problems faced in the mortgage market “the options are running out” for Britons with financial difficulties. As levels of bad credit rise, people considering making an application for a credit card were advised to make sure that their credit rating is in as strong a position as possible.

Consumers finding that they are struggling to manage their credit cards may find that taking out a consolidation loan is advisable. In taking out this type of loan, borrowers may find that they are able to merge debts accrued on a number of cards into a single low-cost monthly repayment. Debt consolidation could see people get out of the red quicker and help take steps towards improving their credit rating, something which may be useful when it comes to applying for other financial products such as mortgages in later life. Obtaining a debt consolidation loan might be particularly useful for consumers struggling with card debts after an earlier MoneyExpert study showed that card lenders have reduced credit limits by 3.1 billion pounds over the last six months. Overall, the typical cut per borrower was shown to stand at 1,600 pounds.

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