Banks write-off lowest amount of loans for over 6 years

Today financial capability charity Credit Action releases its Debt Statistics, giving an overview of the financial situation in the UK.

In the 12 months leading up to July 2013, UK Bank and Building Societies wrote-off £3.67 billion of loans to individuals; the lowest amount for over 6 years.

In Q2 of this year, they wrote-off £694 million, of which £371 million was credit card debt – amounting to a daily write-off £7.61m. The total write-offs have continued to follow a steady downward trend since 2012, but the Q2 fall is the most significant since mid-2011.

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