Apparently the banks are writing off debt from struggling families to the tune of £40M a day. The paper goes on:
Between April and June banks and building societies were forced to ‘write off ‘ £3.5billion, around £40million every day, the largest amount since records began…….
……..The largest chunk of write-offs – a record £2.1billion – was credit card debt, with many spending more on the High Street in a day than they earn in a month.
A further £1.2billion came from overdrafts, personal loans and hire purchase agreements. Just £184million was from ‘bad’ mortgages.