Missed payments by UK credit card borrowers surged in the last three months of 2008 and lifted delinquency rates in bonds backed by such debt to a historical high, according to a report out on Tuesday from Fitch Ratings.
The sharp rise in missed payments, which lifted average delinquency rates among Fitch-rated bonds by 50 basis points to 4.3 per cent compared with the previous quarter comes in spite of card lenders having tightened their standards.
