Britons who can't get a credit card are likely to find it even harder over the next few months, according to the Bank of England.
A new report from the Bank indicates that lenders expect a reduction in the availability of unsecured credit, while credit rating criteria have tightened.
Overall, the flow of net consumer credit remained negative in August, although net credit card lending increased a little within this.
While interest rates on credit cards remained stable, rates on personal loans and overdrafts fell compared to late 2008.
There has also been a further increase in default rates over the past three months, while the availability of unsecured credit has continued to fall over the same period.
Commenting on the Bank's Trends in Lending report, the director general of the Council of Mortgage Lenders Michael Coogan indicated that the report confirms what the organisation has been saying for some time about the state of the lending market.
He said: "As we have highlighted, funding conditions remain challenging, despite the encouraging signs of a slight thaw in wholesale funding markets.
"Today's report very much confirms our own assessment of market prospects - the most likely scenario is a slow and long-drawn out recovery."
