[IMGCAP(1)]

Credit card debt at least six months overdue stood at 7.43 billion yuan (US$1.09 billion or 725.6 million euros) in China as of 30 Sept., up 125.2% from 3.3 billion yuan at the same point last year, according to the People's Bank of China. In a statement, the central bank warned of increasing credit card debt as more banks issue credit cards. Banks in China had issued 175 million credit cards as of 30 Sept., up 33.6% from 131 million issued at the same point in 2008, the central bank says. Credit card payments more than six months overdue accounted for 3.4% of all credit card debt as of 30 Sept., the bank adds.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry