March 8, 2005
All of the 52 financial institutions in Taiwan that issue credit cards and cash cards reported overdue payment ratios of under 3% at the end of January. This is the first time that all of these institutions have achieved ratios of under 3%. The Financial Supervisory Commission takes this as an affirmation of it efforts to control overdue payments on credit cards and cash cards.
The FSC reports that as of the end of January there were a total of 44.51 million credit cards in circulation and that 24.764 million of these were active. The total volume of revolving credit on credit cards was at
NTD 463.6 billion, the total value of transactions was at
NTD 125 billion and total cash advances were at
NTD 19.6 billion.
The ratio of credit card payments, including those already classified as non-accrual, that were six months or more overdue stood at 0.57%.
There were 34 institutions issuing cash cards as of the end of January. The number of cash cards that had already been used to obtain cash stood at 3.79 million. The total amount of cash loaned through cash cards was
NTD 249 billion and the overdue payment ratio was at just 0.798%.
Compared to January 2004, the total number of credit cards in circulation grew 16.64%, the total value of credit card transactions increased 21.12% and the total volume of revolving credit on credit cards climbed 13.82%.
Officials are happy to point out that this 13.82% increase is nearly the same as the 13.89% annual growth rate in the value of bank loans.
(United Daily News)
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