Key Points
Credit card spending by Indians surged to a record high, raising concerns of potential defaults as indebted households stepped up their borrowing spree ahead of the festive season that kicked off this month...
The amount transacted through cards rose to an all-time high of 1.48 trillion rupees ($17.8 billion) in August, up from Julys 1.45 trillion rupees, according to the latest data by the Reserve Bank of India..
The spending binge is in line with rising indebtedness and falling savings among Indians and may point to growing stress as incomes stagnate...
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