The credit crunch has made British consumers "smarter", according to one expert.
Tim Moss, head of loans and debt at moneysupermarket.com, said that people were becoming more selective when it came to applying for credit cards and personal loans .
He said: "Each time you have an application rejected, it has a negative effect on your credit rating and reduces your chance of being approved for the next product you apply for."
Mr Moss added that British consumers were now beginning to realise that the best thing to do was apply for the most appropriate credit card or personal loan in the first place.
He said: "This is very positive news for borrowers and lenders ."
A recent study carried out by uSwitch found that UK consumers could save a total of £15 billion in interest by taking out a consolidation loan for their credit cards, overdrafts and unsecured loans .
The same research found that total UK personal debt is more than £1.39 trillion.
Consumers picky when it comes to personal loans, expert believes
Wed, 16 Jan 2008
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