May pambayad na! Credit card delinquency rate down in 1Q2023

More Filipinos are able to pay off at least the minimum amount due on their monthly credit cards, the Credit Card Association of the Philippines (CCAP) has reported.

The industry association said Monday (June 5) that the credit card delinquency rate stood at 3.26% in the first quarter of 2023, better than the 3.32% average last year and 4.03% in 2021.

Delinquency refers to the number of credit card users unable to settle even the minimum amount due in their monthly billing statements, indicating their inability to pay.

CC2AP pointed out the improving delinquency level despite a 47% increase in the value of credit card billins to P410 billion.