We can find 101 reasons to justify the overspending we did the last 2 months. Chinese New Year splurge, Christmas gifts for the loved ones, Valentine chocolates… yes, just about anything to make ourselves feel better. The fact remains, the overspent amount still needs to be solved somehow. You still need to fork out extra money to rectify the ‘malinvestment’.
Via The Edgedaily…
The rate of credit card defaults next month will be closely watched. Normally in the month of March, the rate of credit card defaults comes down after increases in November, December and January.
Bankers in the consumer banking segment believe that an uptick in credit card defaults next month would likely show a trend of rising non-performing loans (NPLs) in the credit card segment.
??redit card defaults have been on the rise from December until now, which is a norm, as during end of the year and festive seasons people tend to overspend. However, usually, the defaults come down in March. Should defaults continue to rise instead, we have to be careful and monitor the segment closely,??EON Bank?? head of group consumer banking Michael Lor told The Edge Financial Daily.
??n uptick in credit card defaults in March could spell the start of rising NPLs in the segment,??he added.
If you don’t have the habit of keeping track of your cash flow, you’re probably in for a rude awakening, or maybe you’re already used to paying interest to the bank. Couple with recessionary woes, these credit card debts might just become an even dangerous beast to deal with.
With the tide of economy turning against us, it’s a good time to keep unnecessary debts out of the way. Maintaining a frugal lifestyle will be crucial against uncertainties.
You might want to read these too...
- No related posts.