Increasing defaults, sub-prime risks: The limits to India’s credit card boom
The sharp growth in consumer debt may have slowed for now, but what’s the overall takeaway for credit cards? Credit cards are now just one among the many types of personal loans that customers take. Has credit card ownership, penetration, and usage in India, at 25% of overall individual borrowers, a level far below that of developed countries, already plateaued? Given the robust and increasing competition from other types of loans, the period of rapid growth may be over for the credit card industry.
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