People 'need good credit records' to get balance transfer cards

Consumers who are looking to manage their credit card debt by making applications for balance transfer cards will need to have a decent credit history, according to an expert.

Some businesses that offer credit to people have tightened up their lending criteria in recent times, the Moneynet.co.uk spokesperson Andrew Hagger suggests.

He commented: "Lenders are a lot more choosy than they used to be because of the economic situation, therefore if your credit rating is not that good you may not be accepted for the card."

However, Mr Hagger also noted that those whose applications for balance transfer cards are successful may want to avoid spending money with the use of these products.

When it comes to the issue of lending, figures published by the Bank of England earlier this month revealed that April of this year saw a £0.4 billion rise in the amount of overall net lending to individuals.

Posted by Gemma Walker.