Inflation-recession effect, credit card spending fell by 4.4 percent in June

According to the Reserve Bank of India data, overall spending through credit cards declined by 4.4 per cent to Rs. 1.09 lakh crore has been done. Along with this, the credit card spending figure for the fourth consecutive month is Rs. 1 lakh crore which is an important matter. On a year-on-year basis, credit card […]
 


Inflation-recession effect, credit card spending fell by 4.4 percent in June

According to the Reserve Bank of India data, overall spending through credit cards declined by 4.4 per cent to Rs. 1.09 lakh crore has been done. Along with this, the credit card spending figure for the fourth consecutive month is Rs. 1 lakh crore which is an important matter.

On a year-on-year basis, credit card spending grew by a whopping 73 percent. It is worth noting that in the month of May, the expenditure on the credit card was Rs. 1.14 lakh crore reached a historic high.

In June, 18.4 lakh new credit cards were issued in the banking system taking the total number of credit cards to 7.87 crore. Like abroad, the use of credit cards for financial expenses is increasing alarmingly among Indians.

Financial market insiders said credit card spending overall remained strong in June, despite a marginal decline from May on account of a rise in new card issuance and commercial card spending. Inflation, recession and concerns of limited income have prompted Indians to cut unnecessary spending and are now spending more prudently.