Credit crunch is hitting everywhere hard, but out of the Western European countries Spain is one of the worst affected. Soaring unemployment and large amounts of toxic debt have meant that the credit card market has been hit hard.
When you look at such sites as Comparative Tarjetas De Credito which a year ago had a large selection of Spanish credit cards including ING, Barclaycard, a large number of Amex and MBNA cards and so forth, now only has Amex and MBNA cards and not nearly so many of these once had.
Now credit card companies are being much stricter not only on who they issue their credit cards to, but how many cards they give out each month. They now have monthly budgets. This is not a new thing, but back in the day their budgets on how many cards they issued were often so big that they never reached them. These days they are almost always reached and many do not advertise on comparison websites at all. They use only the more traditional marketing methods and there own websites.
Many people have an opinion on how long this recession will last for. The truth is no one really knows.
