Young People Opting to Close Credit Cards, Is Simply Deactivating Them Enough? Not Completely Canceling Them Can Have Serious Consequences!

“How long has it been since you last used your credit card?”

According to data released by the People’s Bank of China, as of the end of the third quarter of 2024, the total number of credit cards in China decreased by 1.51% to 7.37 billion, marking the 8th consecutive quarter of decline.

Currently, on the user side, the number of credit cards held is decreasing; on the bank side, the phenomenon of credit card apps being removed and credit card branches being closed is becoming more common.

Wang Pengbo, chief analyst at Boton Consulting, explained to reporters: on one hand, some banks or financial institutions have been excessively issuing credit cards to chase short-term profits, resulting in an oversupply of credit cards in the market. With regulatory requirements prompting banks to manage their operations more strictly and clear dormant cards, the number of cards held has decreased. On the other hand, new payment methods like mobile payments and third-party platforms are…