Wednesday, Aug 13, 2008
First it was mortgages, now credit cards take the hit
FT: Rise in credit card debt charge-offs
UK consumers are walking away from their credit card debts in rising numbers, according to a report to be issued on Wednesday by Standard & Poor’s, the credit agency.
Average charge-offs – defined as repayments of principal and interest which credit card companies no longer expect to receive – rose to 6.9 per cent by the end of June, up from 6.62 per cent at the end of March.
Meanwhile, the data also suggest that British consumers are becoming increasingly dependent on their credit cards. .....
Posted by drewster @ 03:06 AM (203 views) Add Comment
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