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Bad Debt in UK is on Rise

Debt level of borrowers's8217; unable to pay off is going up. In order to cover bad debt, the term used for this kind of debts, banks need to set growing sums of money aside.



It has been reported by Northern Rock that bad debt has nearly doubled to 44.5 million for the first half of 2006. A 30 per cent jump in retail debt provisions have also been announced by Abbey.



However, banking sector is not ready to hold it responsible for the increasing bad debt problem. Brian Capon, a spokesperson for the British Banker's8217;s Association told that banks were responsible lenders and they were committed under the Banking Code to assessing a customer's8217;s ability to repay and borrowing before the money was lent.



He is of the opinion that financial difficulty usually caused through unexpected loss of income. He also added that interest and other charges could be considerably reduced by ensuring that if the borrower did go overdrawn, they should arrange it with their bank first.



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