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Banks Write Off 25% Of Debt

Banks Write off 25% of Debt

Banks wrote off nearly 25% in the last quarter of 2010, according to the Bank of England.

£2.27bn worth of debt has been written off by banks and building societies compared with £1.83bn during the previous quarter.

It is understood that the increase in debt being written off is mainly due to the increase in people struggling to keep up with their credit card debts.

In the final months of 2010 it has been revealed that there was 1.18bn worth of defaults on credit cards compared with £740m during the same period a year previous.

For the whole of 2010 the total amount of debt written off was £9.71bn.

 

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