I'm not sure exactly where I read it - may have been on here, but an article suggested that banks had been writing off people's credit card debt into the hundreds of millions.
My question, is this true, and if so what implications does it have on the economy?
I have heard about this too. I'm not sure in the UK but here in Canada it seems just about anyone with $15000 CAN or more can write off their debts and go bankrupt.
What does this mean for the economy? Well, debt never disappears it only changes hands. Remember, debt is profit for the bank. It always is.
So naturally, when debts are written off the tax payer takes the hit.
Have banks 'written off' customers debt?
