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New Indian Middle Class Gets Caught In the Whirlwind of Revolving Credit
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In the year ending March 31 Indians had $14 billion on their cards, 4 times the amount of 2004. According to ratings agency Crisil the amount of unsecured loans and credit card receivables more than 3 months overdue is aabout 7% to 9% of total loans outstanding this year and could go as high as 15%. One of the leading banks ICICI has lifted its provisions for bad loans by more than 43% to 9.24 billion rupees ($185 million). The number of credit cards in India has tripled to 30 million in the past 5 years. Regulations on lending were relaxed leading to car loans and cards being issued to people in rural areas and lower income groups without regular salaries.
Credit card debt surges and the effects on U.S. consumer spending, followed by household debt reduction.
07/05/2008
The result is huge swings in consumer spending, first with rising debt and then with debt reduction and the cultural shift to different lifestyles.
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