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Fears of credit card crisis as bank write-offs double

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Fears that the banking system is facing a credit card timebomb were underlined as official figures showed that the amount of card debt banks have written off has unexpectedly doubled. In a sign that Britons are facing increasing difficulties keeping their finances under control, bad debts from credit cards leapt from £812m to £1.6bn in the third quarter, said the Bank of England. The rise meant that the total amount written off by UK banks in that quarter was, at £4.3bn, a record. In the first nine months of the year, banks have already written off more than they did in the whole of 2008 - itself a record year for write-downs.

 

The news came as a surprise to banking experts, since most of the UK banks have reported that the outlook improved marginally in the third quarter. Although banks have already provisioned for significant losses, some will view the statistics as a sign of a potential second wave of difficulties for the banking sector. While most of the losses faced in the financial crisis were associated with US sub-prime lending and the closure of securitisation markets, some suspect there may follow major "home-grown" losses as UK households face higher unemployment and falling real wages.

 

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Fears of credit card crisis as bank write-offs double - Telegraph


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Not surprised. I've been redundant since January and have 2 credit cards Barclaycard are still upping my limit without me asking or needing it and Halifax are offering me deals to do balance transfers.

 

Nothing to stop me maxing them both out and saying "sorry, am unemployed, will pay you £5 a month". Will they ever learn? Serves them right for being so greedy.

 

I have one with Tesco's with a nil balance that I haven't used for 2 years. Thought they'd offer me a deal to transfer as would rather go with them but they haven't contacted me. Maybe they've got more sense than the banks.

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