By Steven Gan
September 26, 2010
I recently gave a presentation on Debt Collection Trends in the Pacific Asia region at the Global Credit Solutions Group’s international conference in Vancouver, Canada and I was very surprised by some of the research about credit card debt in China, India, Korea, Japan, Philippines, and Australia. Some interesting facts about the credit card trends in these six countries include:
- Estimated credit card debt throughout 2010 and 2011 will be $1.15 trillion to $1.2 trillion respectively.
- If we were to consider the inclusion of other countries such as Malaysia, Indonesia, Thailand, Singapore,Taiwan, and New Zealand, estimated credit card debt throughout 2010 and 2011 would be in the realm of $2 trillion.
- Estimated number of credit cards in circulation throughout 2010 and 2011 will be about 731 to 766 million cards respectively.
- Estimated average 60 day delinquency rate through 2010 and 2011 would be about 5.2%, which would translate to 24 million to 26 million in credit card delinquencies.
Please click the link below to see the entire presentation: