7 tips to stop inflation attacking your finances

The latest inflation figures saw a sharp rise in the rate at which prices are rising. Inflation is hugely dangerous to our income and savings, even relatively low levels can be hugely destructive, eating away at capital and reducing the buying power of our wages or pensions. The Bank of England has the job of trying to keep inflation under control, although for some years now they have struggled to keep it at the 2% target set by the government. Indeed many economists believe a combination of rising food and energy prices, along with the effects of Quantitative Easing, could mean inflation ...

Credit card write-offs fall to £740 million

Banks have written off a smaller sum of credit card debt owed by consumers who cannot meet repayments than in previous years. A smaller amount of debt, owed by hard-hit credit card borrowers, has been written off by banks. Credit card write-offs have fallen sharply indicating that more borrowers may be in a better position to pay back their debtors. Figures revealed from the Bank of England show that £740 million was written off in the third quarter of this year, which is the lowest since the first three months of 2008.

Banks write off £3.5 billion of debt as borrowers fail to meet repayments

Around £40 million of debt was written off by banks between April and June totalling £3.5 billion, according to figures revealed by the Bank of England. Credit card debt was the biggest area affected - £2.1 billion was written off, up from £1.3 billion in the first quarter of the year. About £1.2 billion was written off from personal loans, hire purchase agreements and overdrafts. A much lower figure of £184 million came from toxic mortgages.