Credit card crisis to grip Britain, IMF warns

Credit card crisis to grip Britain, IMF warns

www.telegraph. co.uk

Britain’s credit card debt crisis will get significantly worse in the coming months with a wave of consumer payment defaults, the International Monetary Fund has warned.

The organisation expects £1.5bn of consumer debt across Europe will not be repaid, much of it in Britain which has the highest number of credit card borrowers on the continent.

Analysts say failure to pay credit card bills is likely to increase as unemployment rises and the number of personal insolvencies, which reached 29,774 in the first quarter of the year, continues to rise.

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Excuses for the banks to ask for more from the government to steal from taxpayers. The banks get the money somehow, they don't have to worry. They can just stop lending if things get too tough and keep hold of the bailout money for their own needs. Well that's what they're doing now aren't they - not lending enough! It's the customers who ran up the credit card debts who get the worst of it all, just like with the mortgages people couldn't afford to pay. They are to blame, but so are the banks..... and when will they get what they finally deserve without having to take the whole country down with them!

www.telegraph. co.uk
(visit the link for the full news article)

[edit on 27-7-2009 by john124]

reply to post by john124


What makes me laugh is how the banks and CC companies are insured for the loss of the money from non-payers.

Even a number of CC's and loans are insured by the person who holds them in case repayments can't be made.

It is completely daft IMO

How they have pulled the wool over everyones eyes is an achievement in itself and worthy of credit .. yet these banks and CC companies are due a payback..and not a financial one.

For too long they have ruled over many .. these debts need to NOT be repaid in order to assist in bringing about the collapse of the control freaks who decide for us.