More than a fifth of adults have ‚Äö√Ñ√≤maxed out‚Äö√Ñ√¥ on at least one of their sources of credit…

More than a fifth of adults have ‚Äö√Ñ√≤maxed out’ on at least one of their sources of credit within the last six months, research from uswitch.com has found.

Its research found that one in five adults (21 per cent), had reached the limit on at least one of their credit facilities in the last half of 2007, with more than one in three adults having a credit card application rejected and a further one in five being declined a loan.

This has led to household budgets reaching breaking point, as their findings also revealed that almost a quarter of adults questioned said that their current level of debt was ‚Äö√Ñ√≤unmanageable’.

Uswitch’s Mike Naylor says: “People have enjoyed easy access to cheap credit for quite some time, but for some, the party really could be over.”

Chiltern’s Joanne Gill says: “These figures show that credit is becoming harder to obtain and that families are really feeling the strain on their finances.

“With more and more people experiencing rejected credit applications, other options to help relieve debt stress are becoming more popular, like debt management.

“This can offer short term relief for people struggling with their debts, and enables finances to be arranged to a more affordable level.”