Consumers will only be able to gain access to the very best lending deals if they have a strong
credit rating, it has been highlighted.
The
Moneyfacts spokesperson Darren Cook believes this to be case, with those looking to get credit potentially finding the current market more difficult.
However, Mr Cook feels that people should still try to shop around when they come to search for lending rates.
He commented: "The market is big enough and the differential between rates is high enough so you can shop around and get the best deal."
Meanwhile, the expert went on to point out that, at the present time, the rates that apply to things like
credit card products do not appear to be correlating with the Bank of England's overall base interest rate.
Earlier this month, another Moneyfacts spokesperson, Michelle Slade, suggested that people seeking new bank accounts should try to find competitive overdraft deals.
Posted by Martin Peacock.
