Summary of this article

Credit card debt is surging among urban, educated millennials and Gen Z, fueled by easy digital access, aggressive bank marketing, and the post-pandemic borrowing boom.

The RBI has intervened with measures like increasing risk weights for banks and NBFCs, promoting due diligence, and controlling excessive lending to maintain financial stability.

Stricter regulations, higher consumer awareness, and responsible lending are expected to moderate growth in the credit card sector, balancing profitability for banks with financial safety for consumers.

Reddit threads and posts on X (formerly Twitter) are increasingly flooded with stories of ordinary Indians drowning under the weight of credit card debt. Scroll through these forums on any given day, and you’ll find users

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