97% Credit Card Holders Juggle EMIs and Loans: Cred Survey

A recent CRED survey reveals that 97% of credit card holders in India manage EMIs or loans alongside their cards. Among them, 53% have ongoing EMIs, while 47% maintain active loans. This highlights the financial complexity faced by many, as they juggle multiple credit products.

The survey also shows that 39% struggle to track payment dates, and 37% find it challenging to manage different billing cycles. Additionally, 36% monitor spending across various cards, while 33% face difficulties understanding reward structures. These challenges often lead to missed payments, with 52% citing reasons like busy schedules, timing issues, or misunderstanding payment terms.

Financial stress is another concern, with 79% of respondents experiencing debt-related anxiety. Poor credit scores have real-world consequences, such as higher interest rates, loan rejections, and even job application denials. Despite these challenges, many individuals take proactive steps, like maintaining spreadsheets or using apps, to manage their finances.

The findings emphasize the need for better financial literacy and tools to simplify credit management. By addressing these issues, individuals can achieve greater financial stability and reduce the stress associated with managing multiple credit obligations.