Heavy fall in the usage of credit card due to high interest rates and fines.

A heavy fall marked in the number of credit card users. Reports says that the strong decrease in the number of credit card users is due to the unknown charges and high interest rates imposed by the commercial banks. The ordinary people are unable to afored the charges and interest rates of the commercial banks. According to the Reserve Bank of India there is a decrease of more than 50 lakhs credit card users. During the last financial period the purchases using credit card were also fall a lot. During 2008-2009 there was a 5400 crore rupees business took place while during 2009- 2010 it fall into 5000 crore. According to the reports there are only 1.9 crore credit card users in March 2010. During the last year same time it was 2.5 crore. According to the Reserve Bank of India the customers are fearing to use the credit cards even during the festival seasons, due to the fear of high interest rates and fines imposing by commercial banks. The number of credit card customers decreased into 50 lakhs from 85 lakhs with in one year. In State Bank of India the fall in the number of credit case customers is 8 lakhs The banking experts says that due to the fear of high interest rates and unknown fines imposing by the commercial banks the common people are diverting from the usage of credit cards.