Credit Card Debt Grows in China

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BEIJING ( -- Credit card debt at least six months overdue rose 126.5% in China to $1.09 billion in the first three quarters of 2009 to $1.09 billion, according to the People's Bank of China, the central bank. Chinese banks issued 175 million credit cards through September 2009, up 33.3% from the same period last year.

The central bank warned of the potential risks of increasing credit card debt as banks expand that business. Debt that was six months or more overdue accounted for 3.4% of total outstanding credit card balances at the end of the third quarter, up 0.3% over the previous quarter. In the second quarter of 2009, credit card debt at least six months overdue rose 131.3% from a year earlier to $845 million.

Source: Xinhua News Service

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