Indians are ahead in shopping by borrowing, credit card spending is up 118% in a year

The ICICI Securities report said that in July 2022, spending through credit cards reached its all-time high. How much Indians are buying by borrowing from credit cards can be gauged from the fact that the cost from this is 1.8 times more than the amount spent on debit cards.

Like the people of the developed countries of the world, now Indians are also going ahead in terms of spending money by borrowing. Testifying this is the increasing figure of credit card spending in the country. A report has revealed that from March 2022 to July 2022, Indians have spent more than Rs 1 lakh crore of borrowed money every month for 5 consecutive months.

Record-breaking spending in July

This information has been given in a report by ICICI Securities. In this, the figures of credit card shopping have been put in front, which are shocking. Also, seeing these, it can be guessed that Indians are leaving other countries behind in this matter. The report said that in July 2022, people made purchases of Rs 1.17 lakh crore with credit cards. This is the largest purchase made with a credit card in a month so far

118 percent increase in usage of credit cards

Earlier, in June 2022, a purchase of Rs 1.09 crore was made through credit cards. If we look at the data of the Reserve Bank, the rate of credit card shopping has increased by 118 percent. According to ICICI Securities, in May 2021 last year, only 52 thousand 200 crore rupees were purchased through credit cards.