Credit Card Payment Defaults In India Jump To 2.94% During April-June 2023
A reason for the rise in defaults may be the rapidly changing and uncertain economic scenario influenced by global challenges in some sectors and evolving consumer behaviour, says an expert.Growth momentum of India's retail credit remained high during the April-June 2023 quarter; however, credit card defaults increase; check whyThough the growth momentum of India’s retail credit remained high during the April-June 2023 quarter, credit card payment defaults have increased, according to a report by TransUnion CIBIL. It added that unsecured loans continue to scale growth backed by small-ticket loans.According to the report, titled’Credit Market Indicator’, serious delinquency (with payment overdue of over 90 days) in credit cards jumped by 66 basis points year-on-year to 2.94 per cent during...