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New Barclaycard boss wants shut of sub-prime customers
March 20, 2007

Source: Cardguide UK
For the first time the number of people in the UK seeking insolvency in 2006 broke the 100,000 barrier, illustrating the high consumer debt level problems that have emerged, with nearly one and a half trillion pounds worth of consumer debt in total. Banks have taken the hit pretty hard, with many major banks complaining about the high levels of bad debt that they have been left with as a result of consumers seeking protection through bankruptcies and IVAs because they cannot afford to keep up with repayments on financial commitments such as loans and credit cards. And it seems that some major banks are now intending to take a stance against these bad debts. One of the UK’s major banks, Barclays, is planning to revamp its credit card services to focus on mainstream borrowers, and it is looking to do this through getting rid of its sub-prime credit card division according to recent reports. [more]


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