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Credit card defaults could hurt you badly now
The New Indian Express Vellore
|December 23, 2024
With SC rejecting 30% cap on credit card interest rates, card issuers will now have more flexibility to set rates
IN a big relief for credit card issuers who are facing a rising tide of bad loans since the past few quarters (delinquencies are at nearing double-digit mark now; in June 2024 quarter it soared by 110 bps to 7.6%), the Supreme Court, over the weekend, has given them a free hand to set interest rates for late payments, defaults and even on the outstanding dues.
Not that their hands were tied till now--in a strict legal sense they were, but not in practice as even when the matter was subjudice since February 2009, card issuers were regularly increasing their interest rates which now vary from a low of 45% (3.8% per month) to a high of 55% annually or 4.5% per month on certain cards.
Denne historien er fra December 23, 2024-utgaven av The New Indian Express Vellore.
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FLERE HISTORIER FRA The New Indian Express Vellore
The New Indian Express Vellore
Decision to invest in Adani Group companies taken independently: LIC
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The New Indian Express Vellore
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The New Indian Express Vellore
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1 min
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The New Indian Express Vellore
Vimal, Pradosh slam tons for TN vs Nagaland
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2 mins
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The New Indian Express Vellore
13 foreign nationals among 20 held as cops raid Gujarat rave party
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1 mins
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The New Indian Express Vellore
Looking Backward, Moving Forward
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2 mins
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The New Indian Express Vellore
Print media ad rates may go up by 27%, notification after Bihar polls
'Television rating system will also be improved'
2 mins
October 26, 2025
The New Indian Express Vellore
1 held for Maha doctor rape, cop on run
Accused sent to police custody till October 28
1 mins
October 26, 2025
The New Indian Express Vellore
THE DIPLOMATIC DANCE OF AVOIDANCE
N the glittering corridors of Kuala Lumpur’s convention centres, where Southeast Asia’s leaders will converge to chart a multipolar future, an empty chair will speak volumes. Prime Minister Narendra Modi—the indefatigable globetrotter who has crisscrossed continents to etch India’s imprint on the world—will address the 47th ASEAN Summit and the 22nd ASEAN-India Summit virtually.
4 mins
October 26, 2025
The New Indian Express Vellore
Link between diabetes & brain health under lens
IT isa known fact that diabetes affects multiple body parts, including the heart, kidneys, eyes, nerves, and feet. But does it influence cognitive decline and neurological diseases, including dementia and Alzheimer’s disease?
2 mins
October 26, 2025
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