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.