The number of credit card write-offs in the UK has fallen in the third quarter of the year, according to new research. Latest figures from the Bank of England has revealed that a total of £740 million was written off by banks during the past three months, compared to £2.1 billion in the second quarter of 2010. Overall, UK banks and building societies wrote off a total of £1.83 billion worth of debt that people had defaulted on during the third quarter, around half (47 per cent) than the £3.47 billion cancelled during the previous three-month period. David Black of financial consultancy Defaqto expressed his belief that firms have introduced stricter lending criteria which has contributed to the decline in write-offs. He told BBC News: "It looks as if banks are benefiting from their decision a few years ago to be more careful about who they lend to, especially with unsecured lending." Meanwhile, a report from the Insolvency Service found that bankruptcy levels fell to a five-year low during the third quarter. Posted by Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt
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