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Credit card debt is hitting banks


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Yes, you're spot on. They write off the vast majority of the debt when they sell it to a debt buyer like Cabot or Link for a fraction of its face value.

 

The banks have only got themselves to blame over this. They have kept interest rates at ridiculously high levels compared to the base rate. They have also increasinly been increasing rates for specific customers they perceive to be over extended, thus further over extending them.

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