RBI concerned over Gen Z's rising debt and credit habits
A recent report highlights that the increasing dependence of Gen Z on credit cards and buy-now, pay-later services is driving a surge in consumption-based debt across India. During the previous financial year, outstanding credit card balances exceeded ₹3 lakh crore, and payments delayed by 90 to 360 days saw a year-on-year increase of more than 40%. There is also a growing trend of individuals opting for credit to fund lifestyle expenses and experiences instead of relying on their personal savings.
by shortkt.com✓