Banks lose €23m over credit card defaults.

BANKS racked up losses of almost €23 million last year because people were unable to pay their credit card bills.

However, financial institutions have been accused of issuing credit cards irresponsibly leading to thousands of people racking up massive debts and being unable to pay them off.

On average, just over €1,280 is owed on every one of the 2.3 million credit cards in Ireland. This is up from the €603 owed in 2007 when banks made a €64 profit on each card.