How credit cards and the 'luxury' lifestyle are making India's youth impoverished | ABP Paisa Live

Just 13.4% of working adults do not have a loan, according to a BankBazaar poll. This percentage was 19 percent in 2022. Additionally, a large number of working people have taken out loans of some form within the past two years. The maximum loan amount taken out by employed individuals is Rs 25 lakh. Currently, 91.2 percent of consumers are taking out these loans.
"Young millennials are using the entire limit and directly defaulting and turning into an NPA without even revolving the loan," mentioned Macquarie research analyst Suresh Ganapathy. He pointed out that credit card net credit losses are approaching 5–6%, with SBI Cards reporting 7.5% net credit losses in the most recent quarter.