Credit cards on uptick as inquiries double in Oct

Social distancing rules have forced consumers to rethink how they spend, with digital payments becoming an increasingly attractive. This shift in mindset is reflected in the growth in outstanding balances. Credit card outstanding balances increased by 32% y-o-y in July 2020. This compares to a 33% y-o-y increase in balances at the same time last year.

from Stocks-Markets-Economic Times https://ift.tt/3o8t7k8