Credit Cards & Loans
Bad debt blow for Barclaycard
Written By:
Your Money
Posted:
Updated:
03/08/2006
Barclaycard’s business has suffered as the UK’s largest credit card provider has been forced to increase provision for bad debt.
Profits fell sharply by 14% to £297m as overall charges relating to the writing-off of debts rose by 30%.
Barclays said it anticipates “challenging” conditions to prevail in the UK, as debt levels increased and the number of personal bankruptcies rose.