By Admin 
On the one hand, the trend of UPI has increased rapidly in the country, on the other hand, dependence on credit card is continuously increasing on low income people. A study has revealed the fact that about 93 percent of the salary people who have earned less than 50 thousand rupees are dependent on this plastic money.
A study by Think 360 dot AI states that the financial behavior of more than 20,000 salaried and self -employment in India was analyzed in India during a year. According to this, 85 percent self -employment people are dependent on credit cards.
Dependence on credit card of low income people
The study released on Tuesday said that ‘buy now, pay later’ (BNPL) services are used by 18 percent self -employment person and 15 percent salaried people. According to news agency PTI, Amit Das, founder and CEO of ‘Think 360.com’, says that in India’s developed debt scenario, credit cards and BNPL have now become needed for all, from salaried professionals to temporary personnel.
This report of the think tank also mentions the increasing influence of financial technology companies (Fintech), which leads India’s digital debt revolution. The study stated that Fintech companies distributed individual loans worth more than Rs 92,000 crore in Financial Year 2022-23, which is 76 percent of all new loans according to quantity.
Credit card changed rules
Significantly, the credit card holders are given a certain time-limit to pay the money. Apart from this, after spending up to a limit on credit card, many types of offers are made by the bank. In such a situation, it is quite popular for low income people from paying home bills to shopping.
Meanwhile, SBI has now changed some rules for credit card holders. These changes include the minimum insurance and payment settlement process on the premium card along with the minimum amount duty.
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