Credit Card Defaults on the Rise

Published on: September 26, 2024 - According to TransUnion Cibil, credit card defaults, that’s when someone doesn’t make their minimum payment, have risen. Back in March 2023, the default rate was 1.6%, but by June 2024, it has hit 1.8%. While this might not seem huge, it signals growing financial struggles for borrowers. But what exactly does it mean to default on a credit card? News9 tells you all about it