Crackdown on cards and loans

A BANK of England crackdown on cheap credit cards and loans is already affecting banks, according to the latest figures.

The length of interest-free periods for balance transfers on cards has fallen over the past three months – for the first time since 2015. And the Bank’s credit conditions survey reveals that the proportion of credit applications approved has fallen significantly.

Lenders said the availability of non-mortgage credit to households decreased in the third quarter of this year and a ‘significant’ fall is expected in the next three months.

The Bank has issued warnings about Britain’s debt binge.