Yet despite these figures, and the fact that debt levels have risen further since, the consumer love affair with loans, credit cards, store cards and other forms of unsecured credit continues unabashed – while lenders continue to provide the finance that consumers crave. Making applications for finance has become easier and easier, which many industry analysts claim is an important factor in creating the huge levels of debt faced by UK consumers.

Previously, applications for credit usually meant a trip to the bank and a meeting with the manager to discuss your application. Lending criteria was much more stringent than it is today, with the applicant having to provide much more information to support their application than by today’s standards. Being stressful affairs, meetings with the bank manager were often avoided unless finance was necessary and many people chose to do without rather than face a grilling over their application.

When banks and other financial companies began to offer telephone applications for loans and credit cards, the application was made easier and more convenient. Furthermore, many financial institutions began to advertise loan offers in newspapers and on TV, but although you still had to talk to someone about your application, the fact that you were apart from the other person made the process of applying for finance much more accessible. With more and more lenders setting up call centres to process loan applications, greater numbers of people began to make applications.

The introduction of the internet as a consumer commodity is reckoned to be the real catalyst for the UK’s mounting debt problem. With most major banks, credit card companies and financial institutions beginning to accept finance offers made online, customers were able to make applications for credit from the comfort and convenience of their own home without the need of having to speak to anyone, justify their application or make any additional effort on their part. The availability of internet applications resulted in many people making applications they would normally have thought carefully about previously. Being easily available, people would apply for loans and credit cards simply because they were there for the taking, not because they either needed or wanted them.

Today, the level of consumer debt is a problem that is blighting the UK. However, of equal importance are the rising levels of bad debt, much of which is now in the hands of consumer debt collection agencies, such as Capquest, as lenders sell off their bad debt in an attempt to cut losses generated by the burgeoning levels of consumer debt. These levels of bad debt, whereby a consumer has accumulated more debt than they can afford to repay has seen a huge surge in the number of people seeking advice for debt problems, with the Consumer Credit Counselling Service (CCCS) claiming it had received 33 per cent more calls in the first quarter of 2007 compared with the same period in 2006.

Capquest Group is UK-based business and consumer debt collection agency specialising purchase, management and collection of both performing and sub-performing consumer debt.

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You see the ads all the time in newspapers, magazines, TV and on the Internet. “Instant Credit Card Approval – Apply Today!” Now you think to yourself, I could do with a new credit card, especially some instant approval credit cards. I’ll apply now and have my application sitting on their desk tomorrow, and have a new card by the end of the week. You might even use the Internet and get your instant approval credit card online. All you need to do is fill in an online form and you’ll get your card by mail in a day or two. It’s that simple! Isn’t it?

Well the reality of actually receiving instant approval credit cards this way may be a little different. When companies advertise instant credit card approval, their definition of instant and your definition may be somewhat different. Now, to you or me applying for instant approval credit cards means you get your card back instantly – right away. Now for most of the credit card company’s the meaning of instant approval should read -we will start processing your application immediately.

The credit company will check your credit using the information available from credit bureaus. They normally search for information regarding your past credit history and your current status. It’s normal for a bank or credit card lender to get three or more of these reports and analyze them to make sure they make the right decision whether to give you credit or not. Unless you have an exceptionally good credit rating, sometimes as high as the top 4% in the country, then there’s no way you will get instant credit card approval. This type of search and analysis will take up to three days maybe longer. Yes-even if you have applied for an instant approval credit card online. They will still perform the same searches. It’s going to be at least four to five days but usually longer (a week or two) before your card will reach you.

If you have poor credit rating it’s probably not worth your while applying for an instant approval credit card online. When you get to the website of the majority of lenders, you’ll find it says these instant credit card approval offers are normally only available to people who have a good credit rating. It’s important you look closely at the terms and conditions stated by the card issuer or bank. Although most of them will state clearly that to be considered for these kind of instant approval credit cards you must have a good credit rating, it’s still worth applying. The companies aren’t going to break the rules, but they may bend them slightly if your credit rating is near to their qualifying standard. Don’t forget card companies and banks need customers, the person that’s dealing with your application may well take a chance and approve your application.

You may be lucky and receive notification quickly that you have been approved for an instant approval credit card online. The card will be mailed to you, you receive it and you can then go and buy whatever you want. That is quite a common misconception for people who apply for instant approval credit cards. They think they have instant access to the credit that’s been approved. A lot of banks and credit card companies will have a process where you have to validate the card, normally by phone.

As you can see, although instant credit card approval isn’t quite as instant as you might expect, it’s still a lot quicker than the old way of sending an application by snail mail, and waiting weeks for approval, so why not take look at the options available and apply today? An instant approval credit card online might just be what you have been waiting for.

For more on instant credit card approval offers, Robert Alan recommends that you visit CreditCardAssist.com