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India's Credit Card Defaults Fall | Banks Worried As Interest Income May Go Down | Spends Increase

Mint

451,893 views

Consumers have become more conscious of making timely repayments, treating credit cards more like debit cards with grace periods. And therefore this is turning into a nightmare for banks.

#credit #creditcard #banks #debt #loan #cibilscore #loans #credit #abhinavtrivedi #NBFC #creditscore

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20 Comments

@me_luga8036 6 days ago

Basically people are using the cards for their offers and benefits 😅

@atecengineeringcompany2364 6 days ago

Social media should be thanked for this.

@rangeela.rasseul 6 days ago

Basically these companies found an opprtunity in western society and tried to implement same in India ....

@unanonimousxyz 6 days ago

Yes it's true, for me credit card is payment tool only and not borrowing product.

@jamatiapratik1998 5 days ago

Don’t pay the bill — the bank has a problem. Pay every bill on time — apparently, the bank has an even bigger problem. You just can’t win with banks.

@maruthiteja 6 days ago

Cheers to India!

@a_solanki505 5 days ago

Can't believe paying bill on time could be a headache for Banks 😂

@cityofjoy8830 6 days ago

So evil 😈 these financial institution.

@notsoclearsky 6 days ago

What corporate nightmare is this report lol. "Common people aren't getting into a debt burden oh nooo, billionaires are not becoming richer even faster what a tragedy" ahh news. Only in a democracy would such a oligarchic view would be tolerated, are they even hearing themselves?

@prakashpr3621 6 days ago

Basically being honest in this country is not liked by govt or non-govt institutions

@zebra-t6c 6 days ago

Banks like people with bad discipline and financial habits

@25norr 6 days ago

That's why education system needs to be changed, people are self learning from social media 🔥

@southcomet 6 days ago

If banks are crying that means economy is good... More the crying more people become financially literate.

@sathvikraomp2006 6 days ago

Banks have been ripping off people for a long time now. Its time for people to juice these banks out. I have multiple credit cards from which I juice out these banks and save money also and I always pay on time and in full

@parthaghosh146 6 days ago

I am proud to have paid all my credit cards much before the last date. In last 21 yrs I have never defaulted.

@ashishsharma4853 6 days ago

Hahaha 🤣 bank wale :- saale offers le lete hai, or next day balance pay kar dete hai.

@imcggh7654 5 days ago (edited)

I have been using Credit Card since 1985.

The banks insatiable greed is the reason why consumers are paying on time. Initially the annual interest rate on delayed payments worked out to approx 18% , then to 24% and now approximately 40% . Message to the bank is - Stop treating consumers as idiots. If the interest rate are reasonable , percentage of consumers partially delaying payments would surely increase .

@iashok1783 6 days ago

Not about consumer consciousness, but the system in India is so bad that if we miss even one payment, our CIBIL score decreases, and then it takes years for the system to bring it back to normal. So people just don’t want to get into that shit.