The banks have reported a huge amount of credit card debt in the second quarter of this year. According to the figures of the Bank of England, the amount of money given by the credit card lenders has reached to a record level in the second quarter of this current year. The amount of money issued to the card holders climbed up to 2.1 billion pounds in the second quarter compared to the 1.3 billion pounds of previous quarter. 

The credit card lenders have said the borrowers are not able to repay their credits creating a big reason to worry for the banks. In last year, about 4.1 billion pounds of money was not repaid by the borrowers which was almost
10% of the total money lent on credit cards in that year. But the experts are expecting that amount to be exceeded by a huge margin in this year.

As per the experts, this issue may be lead to the loss of jobs and shorter working times in the banks. Economists have described this problem as the largest debt problem in the economy of the country.