Record amount of Credit Card debt in Britain
The ease of credit and the high spirits of the good years have lead to a record amount of credit card debt said to be totaling over £1billion, the highest of any leading economy, according to the Organization for Economic Co-operation and Development (OECD). The Bank of England is due to release figures in the coming weeks which are predicted to show that lenders have had to write off approximately £1billion of credit card debt between the months of April 09 and June 09. This is the highest since 1993.
This is good news for Debt and IVA companies who charge a fee for helping and overseeing the write off of this debt. These companies can charge up to £6000 for an IVA and about 25% for administrating a debt management plan
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