Credit card write-offs continue to rise

| June 25, 2010 | 0 Comments

Figures from the Bank of England today have revealed credit card write-offs continue to rise.

During the first three months of 2010, write-offs rose to £1.25 billion - the second highest quarterly amount on record.

The situation has deteriorated in the recession as thousands of people have been unable to afford their repayments, due to unemployment and the squeeze on households.

Meanwhile, the amount of money written off on mortgages dropped to £160 million - this represented the smallest quarterly figure for 18 months.

This was the result of house price gains and the amount of homes being repossessed falling.

Figures show repossessions in the UK fell by 7.5% in the first quarter of 2010 to 9,800, from 10,600 in the last three months of 2009.

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