Financial Favourites

Worrying news from the BBC:

Bad credit card debts may reach as much as 9% of all outstanding balances by the end of next year, an accountancy firm has said.

“Bad debts in the sector have reached historic highs,” according to PricewaterhouseCoopers (PwC). The figure stands at about 6% now.

This comes despite a “cooling passion” for credit cards, with borrowing down 3% to £64bn in the past year.

The number of credit cards in circulation has fallen by 8%, it said.

Full article: http://news.bbc.co.uk/1/hi/business/8349153.stm