BOE Reports Record Levels Of Credit Card Write Offs

Recent figures published by the Bank of England reveal credit card lenders have written off £2.1bn in the second quarter of 2010, a 62% increase on the first quarter figure of £1.3bn. The yearly figure is expected to exceed the total amount of credit card debt written off last year of £4.1bn.

Over the same period, Citizens Advice reported a slight dip in debt enquiries for the “first time in a long time”. However, there are still concerns that there is still a large number of people with a serious debt problems with Council of Mortgage Lenders reporting those with arrears of more than 10% of the mortgage balance has remained stable despite an overall fall in mortgage arrears and repossession orders.

To read the full article click here.