U.K. Credit-Card Debt Write-Offs Reach Record $3.2 Billion, Times Reports

U.K. banks and building societies wrote off a record 2.1 billion pounds ($3.2 billion) of credit- card debt in the second quarter, 70 percent more than in the first, the London-based Times reported, citing Bank of England figures.

Total write-offs of all loans to individuals reached 3.47 billion pounds, another all-time high, the newspaper said.

Last year, 48 percent of credit-card applications were rejected, up from 33 percent in 2004-05, the Times said, citing the U.K. Cards Association.

British households have the biggest debt burden in the Group of Seven advanced countries, at 180 percent of personal incomes, the newspaper said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email