Copyright LotusHead
According to a new Forbes article, credit card usage is on the rise in the emerging economies of the world:
" The growth of credit card use in Latin America, Asia and Eastern Europe signals continuing financial development in these markets. However, the experience of South Korea in 2003 demonstrates that excessive growth in this type of consumer credit has the potential to threaten economic stability. In recent years, the credit card industry in emerging-market economies has expanded rapidly: --Between 2004-07, the number of credit cards in Brazil and Mexico more than doubled, while the number of cards in circulation in Poland tripled. --Russia has also seen major growth. --Outstanding credit card debt in India tripled over the same period. --In China, growth in the number of outstanding credit cards averaged just over 23% from 2004-07. It surged to nearly 93% in the first half of 2008. " For more on the article, click here.
For scholarly articles discussing credit cards and emerging markets click:
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