Borrowers are set to face tougher lending criteria when new European rules come into force on February 1st.That is according to moneysupermarket.com, which claims fewer borrowers will receive the advertised rate from this date.Tim Moss, head of loans and debt at the price comparison website, said: "If you are looking to apply for a credit card or personal loan then you should look to apply before February when the chances of being accepted at the advertised rate diminishes."However, it is important that you understand your credit file before you apply. Those with less than perfect credit histories are more likely to receive higher rates."The Consumer Credit Directive is designed to improve transparency and protection for consumers when applying for unsecured credit.This follows news that the banks in the UK have been warned they must lend another £10 billion every year.Government ministers have said that if they fail to do this, they face being broken up.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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