Credit card write-offs rise to HK$517m in first quarter

Local | 16 May 2018 7:19 pm

Credit card issuers wrote off HK$517 million in the first quarter, an increase of HK$5 million, the Hong Kong Monetary Authority reported today.

Normally, an account is written off when the payment is overdue for more than 180 days or when the ultimate repayment is unlikely, such as when the cardholder is bankrupt or cannot be located.

The quarterly charge-off ratio remained stable at 0.41 percent, the HKMA said.

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