Credit Card: 2024 Usage

Ganesh Radhakrishnan

Abstract

This study aims to understand credit card awareness (CCL) and credit card usage behavior (CCUB) in India. A survey was conducted; a survey with 400 respondents who use credit cards in India. The survey used to collect data had three sections: demographics, CCL, and CCUB. To assess CCL, consumers are asked to rate their knowledge of credit card terms and conditions, while CCUB measures using five questions. CCL was found to be 34% and economic results showed that CCL and population were related to CCUB. Understanding CCUB will help control excessive debt and high interest payments. This article provides a unique perspective on CCL and CCUB in India. The results showed a CCL rate of 34%, which suggests that a sizeable section of the populace is not well-versed with the nuances of credit cards. A link between CCL and demographic characteristics and CCUB was also shown by economic studies, highlighting the need of comprehending CCUB trends in order to reduce excessive debt accumulation and high-interest payments. This research provides a unique viewpoint on the dynamics of CCL and CCUB in the Indian setting, offering insightful information to consumers, financial institutions, and regulators alike. The study presents an engaging story that enhances customers' comprehension and provides crucial information to financial organizations and authorities responsible for ensuring people's financial security in the Indian financial system. Essentially, this study provides a distinctive viewpoint on the complex dynamics of CCL and CCUB and acts as a lighthouse to direct stakeholders toward responsible financial management techniques and well-informed decision-making.