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According to a recent report the number of people making credit card and loan applications online is falling as a result of the global credit crunch. In the past many people have used the Internet to make applications for credit cards, loans, and other forms of finance, but it appears that an increasing number of people either have a feeling that they will not be successful or have thought the better of getting into any more debt in this financially turbulent time.

The data comes from research carried out by froggybank.co.uk, which analysed the habits of half a million of its UK cash back network. Officials from the site compared the habits of the half a million member between April and June of this year to their habits in the same period last year. The results indicated that the level of online applications for loans and credit cards had dropped by 8%.

One official from the site said: “We’re seeing clear signals that consumers are really feeling the pain in their purses right now. They are going out of their way to save every penny they can, which is great news for a cashback network such as froggybank.co.uk.”

He added: “Some people feel poorer because of the rising cost of living, and are holding off on the big purchases they would normally have made. If you’re not going to replace your car, you don’t need a loan. Others perceive that the credit crunch means getting a loan or credit card is now a lot harder, so they aren’t even bothering.”

A number of recent reports have indicated that the level of credit card applications rejections has been soaring, and many people have found that whilst they may have been eligible for a credit card prior to the onset of the credit crunch this is no longer the case.