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PPI: Credit card write-offs decline

The number of credit card write-offs in the UK has fallen in the third quarter of the year, according to new research.

Latest figures from the Bank of England has revealed that a total of £740 million was written off by banks during the past three months, compared to £2.1 billion in the second quarter of 2010.

Overall, UK banks and building societies wrote off a total of £1.83 billion worth of debt that people had defaulted on during the third quarter, around half (47 per cent) than the £3.47 billion cancelled during the previous three-month period.

David Black of financial consultancy Defaqto expressed his belief that firms have introduced stricter lending criteria which has contributed to the decline in write-offs.

He told BBC News: "It looks as if banks are benefiting from their decision a few years ago to be more careful about who they lend to, especially with unsecured lending."

Meanwhile, a report from the Insolvency Service found that bankruptcy levels fell to a five-year low during the third quarter.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800261022-ADNFCR

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