Lower income consumers can apply for many credit cards

It has recently been revealed that despite the tighter credit conditions that have come into play since the onset of the global credit crunch many consumers who are on relatively low wages are still eligible to apply for the majority of credit cards that are available on the market.

It was reported that many consumers that are on annual salaries of less then £10,000 per year were eligible to apply for around two thirds of the credit cards on the market, and this included three cards that were issued by the Labour Party.

Industry officials are concerned that whilst politicians seem to be making a big fuss about irresponsible lending and debt levels they do not exercise the same concerns when it comes to minimum earnings requirements for their own credit cards.

Even the Prime Minister, Gordon Brown, slated credit card companies recently with regards to irresponsible lending, when in fact it was claimed that his own party was pushing a fund raising credit card that charged over 18 percent in interest.

Officials are now stating that the Labour Party, along with around two thirds of credit card providers, do not have minimum wage requirements in place when it comes to determining eligibility for credit card applications, and this shows how many people manage to run up credit card debt quickly when on a fairly low annual wage.

Both the Labour and the Lib Dem parties had no minimum wage requirement in place on their credit cards, which were issued by the Cooperative Bank, and the Tory Party was not even sure whether its credit card had any restrictions in place.

Tags: labour credit cards, Credit Cards, interest, debt, big fuss, card, low income families, determining eligibility