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“Credit Card Pandemic: Now This Will Make You Awestruck.”

years ago, credit cards were rare and had strict requirements for qualifying.

India has seen a tremendous increase in the number of credit cards issued, from two crore in 2011 to 10 crore in 2024.

It has increased credit card spending as well as defaults. There is now a credit card pandemic in India.Credit cards are now a method of accessibility and financial freedom rather than merely a practical way to make purchases.

But the attraction of credit cards has put many people, including 25-year-old Rohan (real name altered), on a dangerous path toward debt and financial hardship.Little did Rohan know that getting a credit card would put him in a never-ending loop of EMI payments.

After Rohan bought a TV, laptop, and smartphone, he started to realize his dreams. However, things quickly got out of control, and he was left with a nightmare of debt and struggle.He primarily used the credit card he received to buy a TV, a laptop, and a phone.

It seemed like a wise move because a lot of online retailers provided zero-interest EMIs, and I could also get points and cashbacks.“He has been paying only the minimum amount for the past few months and has not been able to pay off my credit card outstanding balance.

Similar to Rohan, millions more Indians are struggling to stay ahead of their EMI payments as they have developed a credit card addiction.In India, credit card spending has surged to alarming heights, and default rates have followed suit.

This occurs at a moment when banks and other financial organizations are heavily marketing their credit card products to individuals nationwide, making obtaining one easier than it has ever been.

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