Credit card Trend :
Now we delve into an economic shift that’s reshaping the consumer spending landscape in India and that mirrors trends observed in the United States: This transformation is a cause for concern and celebration.
Let’s find out: in the land of Uncle Sam, death is a constant companion for many Americans, according to the U.S. Federal Reserve.
Credit card debt has soared to a mind-boggling 988 billion dollars as of April 2023, marking an all-time high for the country that has historically thrived on credit across the globe.
India is witnessing a similar shift in consumer spending patterns, just like the United States. The Reserve Bank of India reveals that credit card Jews in India have surged by nearly 30 percent from April 2022–23, reaching a staggering 30 billion dollars.
So what does this economic transformation mean for the world’s fastest-growing major economy on the bright side? India’s credit card frenzy is fueling the digital revolution. India is heading towards becoming cashless.
Society faster than the most developed nations, with transactions happening at lightning speed and minimal cost.
The credit card spree also stimulates consumer spending, drives economic growth, and opens up new avenues for businesses to thrive, but the RBI is Raising concerns about the potential risks of excessive credit card debt can lead to financial instability, impacting individuals and the broader economy.
As competition among fintech players intensifies in India, the ease of buy now, pay later has reached unprecedented levels, but it’s crucial to keep a watchful eye on those credit card bills because chasing reward points today could dent your goals tomorrow.
