Credit Cards: A Growing Trend and Financial Tool in India

In October 2023, credit card spending reached an all-time high of Rs 1.72 lakh crore. Indians have used credit cards to spend up to Rs 5 lakh crore in just the last three months alone, which is equivalent to roughly 2% of the country's GDP. Because they make it easier for people to spend money, credit cards have emerged as a crucial instrument for stimulating the economy and promoting corporate and economic growth. Credit cards have the potential to help businesses and individuals alike when utilised sensibly, which will boost the economy. This blog discusses the pros and cons of credit card usage.