Abstract: This paper analyzes the risk of default in the use of credit cards generating probabilities of delay in payment with different variables such as age, gender, credit limit and annual income. The behavior of debtors who use credit cards is studied identifying changes in states of delay of risk levels. A multi-state model of Markov was used to perform the analysis. The study was applied to credit card usage records of individuals in 121 commercial and financial institutions. This research identifies the patterns of use by credit card customers and provides valuable inputs to help financial institutions understand the phenomenon of default risk.

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