Credit card debt is hitting banks

[pompeyfaith]

Banks have written off a record amount of credit card debt despite charities reporting a fall in the proportion of calls from worried borrowers.
Figures from the Bank of England show that the amount of money being written off by credit card lenders hit a high in the second quarter of 2010.
The value of write-offs jumped to £2.1bn in April, May and June, up from £1.3bn in the first quarter of 2010.


http://www.bbc.co.uk/news/business-11153577

[debtisbad]

Re: Credit card debt is hitting banks

Banks have written off a record amount of credit card debt despite charities reporting a fall in the proportion of calls from worried borrowers.
Figures from the Bank of England show that the amount of money being written off by credit card lenders hit a high in the second quarter of 2010.
The value of write-offs jumped to £2.1bn in April, May and June, up from £1.3bn in the first quarter of 2010.


http://www.bbc.co.uk/news/business-11153577

What a shame the banks are hurting so much. I hope it doesn't affect their bonuses. Obviously, they don't push credit cards too hard, so all the people who default have only themselves to blame.

Banks fall over backwards to help defaulters and even engage DCAs to assist defaulters into making structures payments.

Is it possible to set up a sort of charity fund on here so that we can perhaps pay some money to the struggling banks?

After all, they do such a good, charitable public service, it is worth supporting such a worthy institution.

[TomThumb]

Re: Credit card debt is hitting banks

Hmm like debtisbad I'm concerned... perhaps we need Terry to front some sort of Bank-a-thon or even Bank relief....



God knows we could all do with some relief from our banks :tinysmile_grin_t:

S.

[EXC]

Re: Credit card debt is hitting banks

I've posted this before.

An interview with Harvard Professor Elizabeth Warren who eloquently describes the pitfalls of credit card contracts: Capitalism: A Love Story | MichaelMoore.com