If you were here last Monday, you’d have read about the Bank of England’s (BoE) lending figures for January 2010, some interesting stats in there and there are a few more worth looking at…
As well as a low in home loans, UK banks has to write off an unparalleled £4.12billion in bad credit card debt throughout 2009. On top of this, the amount of money written off when home owners were unable to repay the mortgage and couldn’t stop repossession doubled over the year from £408million to £984million.
Overall, the total amount of credit wiped out by the banks came in at just over £9billion – recovery is a while away yet.
