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Credit card write-offs fall
CREDIT card holders are becoming more prudent in their spending habits, according to new figures.
Banks and building societies wrote off 740 million in the last three months but the figure was the lowest for three years, says the Bank of England.
The latest figure compared with a record 2.1 billion write-off in the previous three months and was the lowest since the first quarter of 2008.
The trend is due to a combination of more restrictive lending practices, continued low interest rates easing the pressure on household finances, and borrowers becoming more prudent as the government unveiled its spending cuts.
Total lending write-offs, including mortgage defaults, dropped to a two-year low of 1.83bn in the three months to the end of September, down from 3.47bn in the second quarter. But the Bank also reported that consumer credit rose to 287m last month, compared with an average for the previous six months of 29m, with credit card lending totalling 214m.
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Weather for Edinburgh
Thursday 24 May 2012
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