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Credit cards have become an important part of life today from paying bills to shopping in daily expenses daily. Along with UPE payment in the ever -increasing digital transactions, credit cards also played a very important role. But the expenditure is decreasing from the credit card.
Yes, people have spent the least credit card during the last eight months in the month of February. According to the Reserve Bank, in the month of February, only 1.67 lakh crore rupees have been spent from the credit card. However, this figure of less than a credit card is in the month when most of the students were busy with their board exam, while the number of new credit cards has been halved.
According to the Economic Times, 8.2 lakh credit cards were issued in January, which increased to 4.4 lakh in February.
Apart from this, there was one main reason for the decline in the stock market in the last two months. Before that, people used the credit card when investment in their share performed a great performance. But, there is a steady decline in the stock market, in such a situation, most have avoided shopping, especially in metropolitan cities.
Only a few new customers joined the big bank issuing credit cards like SBI, HDFC and ICICI in the month of February of January. However, the total number of cards which were used increased slightly against 10.88 crores in January to 10.93 crores in February.
According to Business Standard, consumers’ expenditure habits have also started changing. Now people are also reducing payment from cards at stores, which decreased from 69,429 crores in January to 62,124 crore in February. Whereas, there is also a decrease in online payment, which decreased from 1.15 lakh crore in January to 1.05 lakh crore in Favre. Experts say that this industry will continue to move forward but at a slow pace, because stringent lending transactions, due to consumer’s growing loans and economic uncertainty.
