Summary
In a recent report, Cattles PLC says that the recent rise in personal bankruptcies is a direct result of credit card debt and re-mortgaging homes. The company, which does not provide either of these services, says that these two forms of borrowing are creating a crisis of spiraling debt in the UK and the company is openly supporting legislation that would punish companies for offering too much high-interest debt to consumers.
Original source:
http://www.earthtimes.org/articles/show/2068.html
Details
- Credit card debt and re-mortgage are behind the increasing instances of personal bankruptcies, said Cattles PLC, one of United Kingdom's largest financial services providers, while announcing a 15.1 increase in its profits.
- The company said that the rising consumer debts were 'primarily driven' by home loan and credit card borrowings, services that the company does not provide.
- Cattles customers' liability, however, has not changed significantly over the past year, remaining at a level matching less than 11 per cent of net receivables.
- Also, bad debt charge from consumer operations went down to 7.5 per cent of receivables from last year's 7.7 per cent.
- The company also logged a 9 per cent hike in early settlement of direct repayment loans, since greater diversification in products and lenders is forcing debtors towards debt consolidation.
- This increase, however, was slower than the 16 per cent hike in the number of direct repayment customers, that is, those who rely on direct debit to rid themselves of the debt.
- Meanwhile, the credit market in United Kingdom is the subject of much speculation from UK and European legislations.
- The office of Fair Trading and Competition Commission has expressed worries at the high interest rates being charged by several door-to-door lenders.
- "As a responsible lender, Cattles fully supports the positive actions being taken to strengthen existing legislation and regulation," said Barrie Cottingham, chief executive officer, Cattles PLC.
- The financial services company has recorded a 19 per cent increase in customer receivables in the previous fiscal and its turnover has increased by 21 per cent to £734 million.
- Also, the pre-tax profits have hit £141.2 million.
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