Credit card debt has surged as consumers struggle to keep up with the high cost of living amid rising inflation.
As the prices of all kinds of products including essentials are on the rise in the market people have been using their credit card loans.
According to the latest data of Bangladesh Bank (BB), credit card transactions have increased by about 29 per cent in a span of one year.
Credit card transactions in June 2021 were Tk 1,935 crore and in June 2022, the amount of transactions increased to Tk 2491 crore.
Credit card transactions have increased by 29 percent, or Tk 556 crore in a year, it said.
At the same time, the number of credit cards in the country has increased by 10,51, 549 last year.
In June 2022, the number of credit cards in the country increased to 37,52.891 against 27,01342 in June 2021.
Besides, people borrowed Tk 120 crore more from credit cards in June compared to May this year.
The BB data review found that the third highest credit card transaction in the last three years was in June, 2022. The highest transaction through credit cards was Tk 2715 crore in April, 2022 and the second highest transaction was Tk 2513 crore in March.
Since November last year, credit card transactions have exceeded Tk 2000 crore as the use of credit cards has increased among the middle and fixed income group of people.