After all, why the credit card spending has come down after the festive season

You must know what are debit and credit cards. With a debit card, you spend money deposited in your bank account, while with a credit card you spend money by borrowing from banks.

You must have heard the saying that drinking ghee after taking a loan. At present, there are crores of people in the country who are doing the same thing. one time loan (Debt) If one gets into the habit of fulfilling the hobby, then it becomes impossible to get rid of it and the person goes on getting caught in the trap of interest. ICICI Securities According to this, Indian consumers spend an average of 76 thousand crore rupees every month on credit cards. This expenditure increases even more during the festive season. The average credit card spend between October and December in 2021 was Rs 94,700 crore. Consumers compared to debit cards in December 2021 Credit Card ,credit card) spent 1.39 times more. This is the highest figure since April 2019. Credit card spend in January and February is estimated to be in the range of Rs 84,000 crore to Rs 88,000 crore.

You must know what are debit and credit cards. With a debit card, you spend money deposited in your bank account, while with a credit card you spend money by borrowing from banks.

Taking a loan, shopping and fulfilling your other hobbies and later paying EMI, has become a new practice. The number of people joining this practice is also increasing continuously. This is the reason that along with government and private banks in the country, foreign banks are also jumping into this market.

According to the Digital Payments Tracker report by Motilal Oswal Financial Services Ltd, the number of credit cards grew by 14 per cent year-on-year in December 2021 to a record 17 months. At present, there are 6 crore, 89 lakh, 48 thousand, 699 credit card users in the country.

The interest free period is the period between the credit card transaction and the due date of payment. This period is usually between 18 and 55 days.

There is no charge on credit card transactions made during this period. To get the most out of the benefits, plan your purchases according to the interest free period.

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