India is experiencing a significant surge in credit card debt. The total outstanding credit card debt has now reached an alarming ₹33,886 Crore, marking a substantial 44% increase year-on-year.
The overall credit card outstanding amount currently stands at ₹2.9 Lakh Crore. This trend indicates growing financial strain, with a rising number of individuals struggling to make timely bill payments. In response, banks are implementing stricter policies for issuing new credit cards.