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Credit Card Dues In India Pile Up Big Time In 2023!
By: Tupaki Desk | 26 Jun 2023 10:51 PM IST
The process to get credit cards has become easy these days and with this, the number of users who use credit cards increased massively. Irrespective of how much they earn, people are applying for the cards. On the other hand, banks are also offering many perks that tempt customers to get cards.
Credit card usage increased to the point that people across the age groups are using the cards. As a negative impact of over usage of the cards, the dues increased by record numbers. Compared to the previous year, the dues increased by 30 percent which is quite high.
As per the media reports, the credit card dues crossed the massive Rs 2 trillion mark for April. When we compare the stats with the previous year, there is a growth of around 30 percent. The numbers are said to be as per the data of the Reserve Bank of India.
It has to be mentioned here that there are already concerns about unsecured credits as there are a few companies that lend money. The shocking thing is that the online lending platforms are not recognized by the RBI and the company even harassed the victims mentally.
Amid this, the credit dues went up. However, the banks are not scared about this and they are saying that the share of credit card dues is very small and there is no need to worry. The credit cards due account for just 1.4 percent of the total amounts lent by the banks.
As an example of how credit card payments and usage increased, customers spent as much as Rs 1.3 trillion in April 2023. Only five percent of customers are said to be holding the cards and despite this massive numbers are recorded in credit card sales.
Credit card usage increased to the point that people across the age groups are using the cards. As a negative impact of over usage of the cards, the dues increased by record numbers. Compared to the previous year, the dues increased by 30 percent which is quite high.
As per the media reports, the credit card dues crossed the massive Rs 2 trillion mark for April. When we compare the stats with the previous year, there is a growth of around 30 percent. The numbers are said to be as per the data of the Reserve Bank of India.
It has to be mentioned here that there are already concerns about unsecured credits as there are a few companies that lend money. The shocking thing is that the online lending platforms are not recognized by the RBI and the company even harassed the victims mentally.
Amid this, the credit dues went up. However, the banks are not scared about this and they are saying that the share of credit card dues is very small and there is no need to worry. The credit cards due account for just 1.4 percent of the total amounts lent by the banks.
As an example of how credit card payments and usage increased, customers spent as much as Rs 1.3 trillion in April 2023. Only five percent of customers are said to be holding the cards and despite this massive numbers are recorded in credit card sales.