CardX braces for regulatory change raising customer debt repayment 3%

[webfact]

 

CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand.

 

The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers impacted by the economic fallout from the pandemic, reported Bangkok Post.

 

Sarut Ruttanaporn, the Chief Executive of CardX, shared that this rate is due to increase to 8% in 2024, before reverting to the standard rate of 10% the following year.

Of CardX’s two million credit cardholders, 8%, or 160,000 accounts, currently repay their debt at the 5% minimum rate.

 

by Neill Fronde 

Top: SCB X Group's CardX is preparing for minimum debt repayment rules to increase from 5% to 8%. (via Bangkok Post). Photo courtesy of Bangkok Post

 

Full story: https://thethaiger.com/hot-news/economy/cardx-braces-for-regulatory-change-impact-on-customer-debt-repayment

 

-- Thaiger 2023-08-23

 

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[2baht]

2 hours ago, webfact said:

Sarut Ruttanaporn, the Chief Executive of CardX, shared that this rate is due to increase to 8% in 2024, before reverting to the standard rate of 10% the following year.

They'll have to borrow to meet the repayments of what they borrowed! ????