Improve score, opt for secured credit card to tackle squeeze in issuances

If you are finding it hard to get a personal loan, try to get a collateral-based one

Obtaining credit cards and personal loans is becoming difficult. Media reports say banks have reduced new credit card issuances this festival season due to rising delinquencies. Reserve Bank of India (RBI) data indicates a 32.6 per cent decline in new card issuances: From 920,000 in August to 620,000 in September. Similarly, personal loan growth slowed to 16.4 per cent in September 2024, down from 18.2 per cent the previous year. 

 

In November 2023, the RBI required banks to allocate more capital for unsecured loans to address the issue of rising delinquency rates.

 

“I believe the next major credit default event