Consumers failing to understand credit ratings

A large number of people in the UK are failing to link the importance of credit rating with overall personal debt.

After new research from Experian it has been revealed that almost a third of people have been rejected on a loan application, but two fifths are unaware of the reasons behind the final decision.

The statistics add to fears that people may not have the neccessary knowledge to dig themselves out of financial trouble - such as credit card debt.