Tuesday, Jan 19, 2010
What was shelter saying last week, about ppl paying their mortgagae on their credit card?..
BBC: Credit card bad debt write-offs double
Bank of England figures show that the total value of the write-offs doubled to £1.6bn in the third quarter of 2009. By contrast, the value of mortgages written off in 2008 was just £408m, and has averaged £260m in each of the first three quarters of 2009.
Posted by cat and canary @ 11:41 AM (945 views) Add Comment
3 Comments
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1. ontheotherhand said...
So can somebody explain how this washes through GDP? Back of a fag packet that looks like 1% of our GDP in one quarter, so 4% in a year. So GDP looks 4% better than it is until eventually the banks get in trouble?
2. icarus said...
£1.6bn = 0.1% of GDP.
3. ontheotherhand said...
Ah yes. Thanks Icarus. Too many zeros these days.