Credit card write-offs

The Bank of England has announced that the write-offs on credit cards proceed with sustained march upward.
Over the course of the first three months of the current year, the amount of money written off on credit cards increased to £1.25 billion, constituting the second highest quarterly amount registered.
The situation has aggravated during the period of recession when thousands of UK borrowers have been unable to make their repayments, due to redundancy and the financial pressure on families.
In the meantime, write-offs on mortgages decreased to £160 million, which is the smallest quarterly amount for eighteen months.
This was brought about by house price increases and the number of repossessed homes dropping.
According to the figures, the number of repossession cases in the UK during the first quarter of the current year decreased by 7.5 %, compared with the last quarter of 2009.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.