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Despite its high street domination through its Lloyds and Halifax brands, the bank spent £1.9billion in December buying up the seven million clients of the American MBNA credit card company.This simply adds to its exposure in an already over-extended marketplace.Barclaycard used to demand all applicants earned at least £10,000, with some accounts requiring an income of £20,000.But five years on, it now has no minimum income threshold on the majority of its cards, according to Moneyfacts.If it is not urgently brought under control by the authorities, it could rapidly lead to a nasty bust.We all know from the build-up to the financial crisis of 2007/08 how vulnerable Britain is to a credit bubble that bursts.In 2012, Lloyds asked for minimum earnings of at least £15,000 a year on almost half of its cards, but this requirement has now been axed.John Lewis is one of the few providers to tighten its criteria, lifting its minimum threshold gradually from zero in 2012 to £6,750 this year. Labour’s Wes Streeting, a member of the Commons Treasury committee, warned of ‘irresponsible lending to families that can barely afford it’.

The credit limit we set is based on the affordability of the product and the applicant’s ability and willingness to pay it back.’Providers including Argos, Capital One, Vanquis, Aqua and Very are also among brands that will consider applications from the unemployed, according to the website uk.And the savings ratio – disposable income put aside – now stands at 3.3 per cent, the lowest since 1963 – when those records began.Economists warned last night of echoes of the lead-up to the 2008 financial crisis.‘The UK consumer increasingly appears to be living beyond their means,’ said John Hawksworth of accountancy firm Pw C.‘This cannot continue forever as inflation rises further above target over the course of this year, squeezing real earnings.’ Rachel Springall of the Moneyfacts website warned: ‘The temptation to borrow in such a cheap interest environment is so high, and borrowers could easily have their debts get out of control.’Household net borrowing rocketed to more than £11billion in the last three months of 2016.In the run-up to the financial crisis, household debt as a proportion of the nation’s total output climbed to 160 per cent.In the great recession which followed it fell to 140 per cent, but Bank of England data shows it is on the rise again.

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