A lot of Indians grow up with an anti-debt and anti-credit card mentality. But, the data shows that’s changing now.
In 2018, credit card spending in the country was at 4.6 lakh crore rupees. In the last quarter of the recent financial year, that figure grew by four times, and is now at 21.2 lakh crore rupees.
Credit feels easy, but sometimes, we fail to read the fine print. A lot of Indians are also finding themselves in a never-ending debt trap.
How does that work? What can you, as a consumer do to protect yourself?
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