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Bank charges: Credit now more difficult to access

It is now more difficult for consumers to access credit, an expert has said.

Darren Cook, spokesman for, a company that aims to provide accurate, independent financial information in an accessible format, claims that the move into risk lending has affected a large number of households.

He said: "Whereas before, providers were throwing credit cards through the front door and it was consequently easy to get credit. Now it is far more difficult and there is far more risk-based lending.

"So you'll probably find that there are some individuals in some households that would qualify for credit that are being put under pressure at the moment."

Mr Cook added that it took a while for people to realise that lenders went from a "rate-based philosophy" to a risk-based one.

According to research by Santander Savings, the average 'savings window' in the UK (the period between paying off a mortgage and retiring) is shrinking fast.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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