£3.6 Billion Credit Card Debt Written Off

On February 29, 2012, in News, by Lewis Alexander
  • free credit report UK from Experian

    Do you know how much credit card debt was written off in the UK last year?

  • £3.6 Billion!

Outstanding credit card debt to the tune of £3.6 billion was written off credit cards in the UK in 2011, the figure of credit card debt written off in the previous year (2010) was approximately £5 billion.

  • What does this say about the way people are dealing with outstanding financial commitments?
  • Are people simply walking away from their credit card debts and choosing an alternative solution to getting out of debt such as going bankrupt.

Sometimes when circumstances change for an individual, personal debt becomes the last thing that they are able to pay as the priority bills such as electricity or gas, water and council tax are also mounting up in the form of arrears.

There are more people enquiring for loans in 2012, for the purpose of funding every day general living than we have seen before in the last 10 years of servicing the personal loan industry in the UK.

If you are struggling with credit card debt and unable to manage your repayments, the most important thing to start with is making sure you are prioritising the right bills and credit agreements, you must not pay unsecured debts as a priority over expenses such as rent or council tax or mortgage arrears.

If you find yourself struggling with debt problems you should take advice, there are very few personal debt problems that cannot be solved, however, the sooner you seek advice, the sooner you can start to clear debts in a structured way, possibly by entering into an Individual Voluntary Arrangement or Debt Management Plan.

For help and advice regarding personal debt issues and the associated of problems of dealing with debt, please contact our debt helpline free from a land line, in confidence.

Lines are open 24 hours a day / 7 days a week.

  • Call 0800 018 6868 today.

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