Tuesday, Dec 01, 2009

Fears of credit card crisis as bank write-offs double

Telegraph: Fears of credit card crisis as bank write-offs double

Fears that the banking system is facing a credit card timebomb were underlined as official figures showed that the amount of card debt banks have written off has unexpectedly doubled. In a sign that Britons are facing increasing difficulties keeping their finances under control, bad debts from credit cards leapt from £812m to £1.6bn in the third quarter, said the Bank of England.

Posted by cat and canary @ 09:46 AM (1404 views)
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1. matt_the_hat said...

This must be what they mean by a reduction in personal debt - it's not being paid back just written off

Tuesday, December 1, 2009 09:53AM Report Comment

2. crunchy said...

The season to be jolly is right around the corner folks, or will we be propping up the angel on the Xmas tree now?

Tuesday, December 1, 2009 10:02AM Report Comment

3. alan said...

Other articles in the press are saying " Credit companies increase interest rates for Christmas". Vanquis keep spamming me to buy their VISA card charging 39.9%.

Hey, the banks are making a lot of cash out of this too.....

It seems the financial services industry has developed a loan shark spin off. Maybe they are wringing the last drop of blood out of Joe Public before the UK default on our sovereign debt.

Tuesday, December 1, 2009 10:25AM Report Comment

4. brickormortis said...

I stand by what I said form the start; the UKs big problem waiting in the wings is Credit Card debt. Everyone knows houses have been bought, sold, renovated, estate agents and lawyers paid, groceries bought, bills paid etc. with these little beauties for years.

Now comes the reality - who can pay them off?

Tuesday, December 1, 2009 11:35AM Report Comment

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