India's Household Debt at an All-time High | Vantage with Palki Sharma
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- čas přidán 8. 07. 2024
- India's Household Debt at an All-time High | Vantage with Palki Sharma
A new report has found that India's household debt has reached an all-time high at 40% of the national GDP. At the same time, household savings has dropped to a 47-year low at 5% of the GDP. Opposition parties are blaming the government and linking the rising debt to weak income growth and inflation. In January, India's central bank RBI said the country's household debt does not pose "systemic concerns". The rising debt levels could also signal an evolution in India's spending patterns and behaviour. Surveys show Indians are now spending less on food and more on durable goods like gadgets and machines. Are young Indians exploring new avenues of spending? Are they less concerned about taking loans? Palki Sharma tells you.
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India | Household Debts | Loans | Savings | Firstpost | World News | Vantage | Palki Sharma
#india #householddebts #loans #savings #indians #investments #firstpost #vantageonfirstpost #palkisharma #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
The show is anchored by Palki Sharma, Managing Editor, Firstpost.
By breaking stereotypes, Vantage aims to challenge conventional wisdom and present an alternative view on global affairs, defying the norm and opening the door to new perspectives. The show goes beyond the headlines to uncover the hidden stories - making Vantage a destination for thought-provoking ideas.
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![Why RICH people will leave India .....(you should too?) [8 Wealth Trends that will define India]](http://i.ytimg.com/vi/RyN959r0hw8/mqdefault.jpg)
I have noticed it recently. My office colleagues , some of them even drawing lesser salary than me, buying iPhone in EMI, going to Bangkok taking personal loan, buying expensive clothes and many more things. This is good for the economy, but bad for them. No concept of emergency fund, or systematic saving. I was out of work for almost a year due to my father's illness. My emergency fund managed to cover all those expenses in that period.
Average $5 wages a day not much is a left after food and rentn, no wonder half Indians still lives in slums and is still a very poor and undeveloped third world country
May be basic maths skill loss.
True
Wrong mindset. You have emergency fund saving that's why you have taken a year long leave otherwise you would have worked double duty to earn more money. Savings makes you relax and secure. You will be in a comfort zone. Only insecurity pushes you out of your comfort zone and makes you work hard for the expenses.
@@IamJaiGwhen you work under pressure chances are you may get a heart attack or BP etc. Also possibility of taking rash decisions
Indians are mimicing American way of living on loans, but people in India are forgetting that Indian currency is not in control as much as US currency is in the world
That's actually beneficial for people who take loan
We are aping mindlessly the west, where they have social security backed by the government. And here even quality health and education are dream. We have most polluted cities in the world, and very less health insurance cover, one hospital bill can bring us to square one.
"Everything is fine" - we've heard that before. Debt looks good, but even the highly educated get wrecked by it.
Middle class income is getting decreased due to high rates and taxation
The worst thing is now elss, ppf, hra and many schemes not part of taxation 😢. All schemes they added to save taxes are only good for Businessmen who do most of their transactions with cash.
Middle class is pushed to upper poor class
I think the worst is real estate, which is overpriced in a lot of city.
Modiji and his government treat the middleclass as rich. Just look at Ayushman Bharat health insurance's eligibility criteria.
high rates of what?
INDIA is no longer a joint family but instead moving out and living by themselves in which the spending increases and savings deplete , it is again an hallmark of western influence , as said we need to balance and have a rule to SAVE 20 % of your take-home money
True adding people not willing to live with what they have especially father and mother , ask the child who got insulted by their own parents
Nah they need to invest in bitcoin
@@dragonsexy30 yeah fkkkk them
I was able to save much more than 20 % as time went by and salary increased over the years. Saving gives a very strong hold in these times of inflation, possible future job losses, defence against AI etc.
Stop blaming everything on western influence
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When a recession hits, all the confidence from the new India will break like a glass.
Yup.
People are flying high on fragile things. "Unicorns" blah blah.
Everything is based on consumption.
No high tech manufacturing, no high tech intellectual property.
But recession has already uit UK Germany etc us is kn verge
@@khudafarishta3101 Yes. India follows US after few years. US has already lost charm of "startup", free VC money (India still celebrating "valuation" games). If we learn from US, these things are not sustainable.
@@uTube00789 true but currently biggest problem and headaches are k2vas main hindering in indias growth
@@uTube00789 bro us having all time high start ups now... what r u even talking about..
One thing is missing in your report Palki ji.. That is the loan repayment ratio. From that any one can easily calculate that it is a debt dangerous or Surge in Purchasing.
We can't calculate loan repayment ratio of the new surge in loans yet. Only time will tell if the current surge was due to overconfidence without actual income backing or due to actual growth!
Indian moms laughing from corner.
Indians Moms: Gold is secret of our energy 😂
How much gold they can have. It commodity n Indian women won't sold their gold until dead😮
The pandemic was the biggest lesson for every human being. Think wisely & spend wisely.
In this dark age of Kaliyug, people are completely deluded in Maya/Illusion. Lack of inner happiness and contentment coupled with selfish capitalist companies and destroying Indians and humans as a whole.
Are yaar tu pehle ramayan Mahabharat or panchtantra ki kahaaniyo se bahar aa, fir baat kar😂😂😂
kuch bhi bu s kalyug keh do aur move on karo . bharatt ke log past m jeete hai
@@Karan-kw9bt True, and with this mindset they are day dreaming of becoming world power 😂
@@SatendraYadav-rb2unthe truth is that Indians look into the past very often while western countries and China are future seekers and want to control the world. India can't be a superpower unless it stop this bullshit talking on Maya illusion and accept the truth the world exists and the world as a reality and problems can be solved.
Oh yes
This is alarming
Not good for society
The way history repeats itself in financial markets is quite intriguing. Artur Grandi's book gives a clear formula for stabilizing investments and suggests areas for investment, like cryptocurrencies.
"People are taking loans to buy assesets like cars and real estate". Since when has car become an asset ma'am?
It's an assest but in the form of depreciate assest
Please do a video on how much money does Indians spend in gambling apps like betting, rummy etc
Why india is promoting Gambling ? And why not legalise it ? Will get 30% tax
So for the finance minister car is an asset instead of liability 😅
😂😂
😂😂😂
It can be both, depending upon situation.
Only speaking in financial term i.e resale value it is liability,..
but real world doesn't work like that..
Having a car if required in a Family can work as asset as well. (not as resale value)
Buying car when NOT required is definitely a liability, but buying car for necessity, will definitely help saving time and lives as well, and both of these are assets as well.
it depends on usage.
just like clothes, they are liability, but definitely you step outside w/o them it will be bad for your skin.
Buying unnecessary clothes is liability.
Have broader perspective
@@professorarjun1234 car is a liability because it's value depreciates with time
Yes cars are assets, they are Tangible assets.
Just yesterday in all the videos indians were saying indians make more money than Americans
Maybe 0.5 % Indians
Indians lying as usual. It would be better if they focus on surpassing Bangladesh in terms of gdp per capita.
Doubt it, these Indians are taking on hella loans
Can’t even imagine the student loans they have
We not have much money for buying a popper house or marriage still my parents decided to buy car worth 11 lack paying 43% tax just for social validation
Sad reality
Y do u want to get married in the first place? Ur parents seems modern😂
Very rare to see other wise it is other way round. Will pray to God that your parents get trap understood at earliest.
@@SuperArindam1982 you are a boomer both by face & words..
car is good tho
20 years back houses were on saved money But today it is 90 percent loan .Owner is not owning.
Yeah but indians who sent their children to Britain or Australia will tell their friends in India that their children have bought homes...liars
Savings are worthless, inflation is at 7-8% and fd rates are 6-7%, better to park 6 months of emergency fund rest invest all in asset. (MF, Land, Gold, Bonds)
Atleast you have saving Bro
If you want to hedge against fiat, then bitcoin, gold.
FD's are above 8% right now, and it is not a long term instrument, so if it is able to cope with inflation, everything is rosy.
Which you think is best investment ( bonds, real state, Gold or any other investment ??? , bcz I'm mdcal student don't know much about it....!
@@kanya-7x Bluechip stocks (if you believe our country is on a growing path ) gold (digital one ) and do invest some assets in fixed deposits, real estate (not everywhere real estate gives a good return, and liquidity can be an issue sometimes). last but not least allocate some money you can afford to lose on Bitcoin(only Bitcoin no other crypto). I am talking here long-term, don't get afraid of short-term fluctuations.
Western influence 😂😂😂
Exactly.
Modi guarantee 😂
Spot on.
Definitely
My neighbor has less than 20,000 income monthly, and he buys a cooler,a bike, a fridge, and a washing machine by taking loan.🙂
He will be begging on the streets very soon
And EMI companies are only too happy to encourage this behavior, especially among gullible kids in their 20s.
What does India expect capping interest rates at just 5%. Bring back 15 to 20% interest and people will start saving again
That's what Bank want from customer, from sunrise to sunset one get offer of credit card.
An another report few weeks back said Indian middle class now have a lot of disposable cash and that is driving the sale of luxury brands in India. In fact purchases by Indian middle class is at an all time high. Why do we have contradictory reports?
I think that disposable cash is from loans
😂😂😂😂😂😂@@studywithankush1869
Car is definitely not an asset. In india 55% of car price is tax
Soon in india , people living on road will be quiet common thing.
Not all people...only those dumb people who took more loans those who bit more than they could chew
Over consumerism is one of the reasons.
Income, salaries growth have not kept pace with rising expenses.
This is an extremely worrying thing. If this continues for dew decades household will go bankrupt along with the govt .
How is a car asset ???????
A budget car can help you when there is some emergency situation in night time. Or if there is a pregnant lady at home. Also when there are kids in home a car is useful and safe and also save you from tensions and efforts during rainy and winter season.
@@apz7645 lol
Savings have no meaning now a days. Increasing inflation, inconsistent situation, people tend to enjoy the present, with Maximum comfort. Parents became very liberal, and a large amount is spent by non income students /young generation also.
You will understand the meaning of savings only when shittt hits the ceiling!
Parents aren't liberal but have been acting like liberal because they know very well that their children would be soon on the streets...living in the present is like being a fool
Cars are not assert its liability.. its consumerism
Yeah
The rise of gambling apps leads to unsecured loans. Government should restrict these but however they get 30% tax so they won't stop these apps.
Do you mean trading or dream 11
True)
@@VikashKumar-ud3nn any sort of betting mostly
Buying car on loan is liability in general. Exceptions are eg if a guy in marketing department buys a car and uses it to move the customers around and by increasing his goodwill in the company gets a good salary rise and / or a promotion.
Another example is if someone buys a car and turns it into ola / uber like professional service and gets a profit which is acceptable.
But other than that those who only buy cars to show off, "keeping up with the jonses" attitude etc are clearly a liability.
It's obvious. I can't agree more. But people are extremely delusional. They prefer to modify the assets and liability definitions according to their emotional states.
THEY ALWAYS THINK THE UNIVERSE REVOLVES AROUND THEM.
@@sumitkumar-001 they think like that before they hit the wall.
Taking loans for investments for growing money. is a Good thing. But taking loans for shopping , expenses , Marriages or for any other thing is a stupidity.
All, anybody I know, including my immediate relatives and my wife took loans including from loan sharks that they cannot pay. Very risky for the economy particularly when a loan is taken for unnecessary luxuries and they are unable to pay later. As India is booming fueled partly by loans to households the market players will deny anything wrong driven by greed untill the crash comes. it should be controlled.
CRASH IS COMING SOON AND THESE YOUNGSTERS ON CREDITS WILL BE RUNNING AROUND LIKE HEADLESS CHICKENS
It is past from control...youngsters are doomed
Housing and education is extremely expensive and costs have been rising at 9 - 10% inflation. People have to take huge loans for 20 years to buy a small house. People are left with no option.
Who ask parents to produce kids? Y dont men stay single and just fuck around till 40? Afte that sexual cravings will go away. Stop having wife & kids.. Stay single. Enjoy parents wealth
Simple..Because no percapita income. ..high inflation...India 7th place in Economy benifit only big corporate...
Inflation is in control... And Indian GDP grew by 7.6% .... that means per capita is also increasing. And India is 5th largest economy not 7th and I bet in 2 years it will be 3rd largest.
@@Amoghavarsha. Not a right information....they changed the GDP formula for their benefit...reality is purchasing power gone low And people going for credit. ...per capita income is lower than neighbouring counties. ...there is no point in being 5th, 4th when 28 crore poor people are there below poverty line...multi core people jobless, doller rate 83,
@@riyazbabu9077 yeah live in your dilusion
@@Amoghavarsha. It is the economic report. .if you neglect the fact its ur ignorance..
It's called consumption and growing as a country. Every developing country goes through this phase which helps the country to grow.
Buying expensive items on loans is not growing. Gormint earning more taxes is not growing as well.
Brother country's growth & personal growth are 2 different things. It is only a mere excuse to get the rich people more money and make the poor people poorer.
thank you for these kind of detailed financial reports, which helps us in analyzing the situation which we have currently and plan the future properly.
People save in banks . Banks loan to nirav modi. He disappears . Banks declare NPA and close down . People realize savings are not savings anymore ...now people buy iPhone and live their lives !!
After covid lot of things changed , people fell in to debr traps and started taking personal loans to clear them. On top of that, corporate companies pay peanuts here and the market condition of IT jobs is dull post covid. Rents have sky rocketed and ther eis no control on it, groceries, and other prices have also boomed. Schooling costs much nowadays there are no fee regulations on them. Middle class is always burdened by taxes pushing them towards poor standard of living.
People dreams more what can earn..fools..
Any budding economy takes loans. Inflation rate is not high, it is in control. People are using more more credit cards, taking car and home loans. It’s actually a good news. As long as NPA rate is low we don’t need to worry about anything.
Everything happens suddenly.if no npa account....npa can occur suddenly, if reccesion occur , suddenly jobs fired everything chainlinked.. ..I'm facing problem till now due to Lockdown, I have started buisness ,1 yearbfr lockdown , But any how still I'm running buisness successful....went to heavy loans...but slowly getting away From loan... soon or later India consumption will decrease, real-estate presently is in peak State.but will collapse
@@khadirm1525 its true things can go bad suddenly, but I don’t see any reason for that. There is nothing to signal anything bad. Bad things can happen due to wars, big scams, some policy oversight / loopholes, over dependence on one country for trade, political instability, pandemic, etc. non of which seems to be the case for india.
@@brainwizard8915 bro, no one knew what is lockdown...its happened...bad things happen suddenly...few people knew , Bad things happen bad suddenly...who are that few people...who runs economy secretly...
2008 US housing market flashback?
Amritkal chal raha hai till 2047😂😂😂😂😂😂😂😂
Result of urbanisation…. People are leaving farming and settling in cities where as businessman spending on farming….
Lack of new farming techniques and the income source of farmers let them to trap in urbanisation
Really appreciate these facts and short crisp stories. Good initiative keep it up 👍
Car is not always an asset. If you are earning a profit from your car considering all expenses, opportunity cost and depreciation, then it may be considered as asset. Otherwise it is a liability 😊
Because they can.
Thank you Palki. This information is very helpful!!
When I was growing up there was only one house hold on the street who had car which was Toyota Qualis if I moved around the neighbourhood I will find Maruthi, Amabassdor and Tata sumo sometimes the household would be having that car as taxi for their day today life earning and when we graduated it’s was only me and wife Who were engineers and we dint have fancy shoes and had non veg once or thrice in a month and used public transport and family’s on the street wherever heavily investing Gold or property and during the marriage was the only time people would show off what they are owning and every other day people appear simple and never impressed anyone and Carried a normal life, didn’t bother what the neighbours were doing. Now on my street every household has two cars every one is a engineer studying overseas and the hardly eat vegetarian one or thrice a week and the list keeps going and every one knows for themselves
people are trapped in concepts like"zingadi na milegi dobara" types and many people are getting hugely influenced by insta kind of lifestyle. Despite having money people didn't prioritize travelling in the previous generation. However post covid the travel as a mainstream hobby has hooked people in planning their next trips without realizing what unexpected expense they could incur in future
Petrol at Rs.103. LPG at 880. GST on Hotel bills 18%. Salary is not coping up on these prices. So, they take loans for all other expenses.
Why do we want to compare with 1999 data for durable goods, do we not have data in the range of 2018?
It's not only fascinating but house hold debts are more is intriguing .Analysis insightful.
Good delivery. More like these please
INDIANS are taking a lot of personal loans due to
price increase +
pathetic job scenario +
high inflation
Very TOUGH economic position..
So people naturally have to resort to personal loans + jewel loans + agri loans for basic sustenance..
The PDS scheme extension is a clear SIGNAL that RBI + GoI know the TRUE sad position.. 😢😢
Price increase ND high inflation I don't agree but worse service sector salary scenario I agree
Jobs are there in market but money is not more
Or good future income scenario. So, borrowing because they are confident of paying back.
Docter and builder income is very high.
House hold loans are positive indicator for countries with progressive and dynamic economies.India has economy with growing fiscal deficit with big negative gap in Balance of Payments.So 40 percent is not positive indicator for Indian economy.
Consumption drives the economy but over-consumption destroy humans philosophically.
I took PLs to invest and I don't prefer saving the profits. It's reinvested or used to buy comforts.
Everything in India and Indian middle class is Good according to this Channel ..But actually people are struggling 🙃
Restrict children production to one like me ....everything will be fine😂
North Indian need condom speacialy Uttar Pradesh. Bihar. @@sathyanarayana887
Increased oil rates, consumer goods, other household products, not affordable for middle class families and because of this, people are using credit cards, taking loans and they do not have any other options to raise their family.
They're becoming rich and extravagant
👌 💯 well said..
Food cost of 46 percent of spending is not good.
Great Report on the Indian Household debts incurred. The Govt needs to educate the new India on budgets for household incomes , being good Stewards of money and spending.
India is progressing to be an economic powerhouse and could surpass China. My concern is for all the poor and struggling families in India how will these benefit from the New India Economic prosperity in terms of Social Benefits for the poor needy and underprivileged who are in a helpless state. Myquestion is will the Modi Govt share the blessings with these. I write with concern and interest. Keep up the good work Pslki.
India's exceptional quality is lauded worldwide. it has its means of deriving its income and per capita GDP, its preservation of Natural resources, since it is a CONTINENT, and its vast waters that it has to preserve by education and being reconciled with its long term goals.😊
In another report Palki referred to India as "well off".. piling on debt isn't well off
10 years of achchhe din has pushed every Indian household in debt! Congratulations 😊
Way to push a agenda...atleast should have watched the whole video
@@Vas5788pl don't reply on such unemployed kham-chor people
hello dhongi congi.
3 more temples and our unemployment will come down to 1%. As per latest stats I learnt at University (WhatsApp), every temple adds 30 millions jobs and 2 bn GDP
#notout Were you better off during" Garibi Hatao slogans" ?
During Congress rule in India, media was brought and biased. Indira Gandhi bulldozed the parliament by declaring emergency.
Media was corrupt & lapdog of Indira Congress.
Anyone got a link to the report?
Because we middle class feel we are working for government instead of us. Just calculate the tax you pay per day on daily products to tax you pay per month. 5 trillion economy is not important, the standard of living of the people in this country is important. If people standards increased automatically that will happen. But unfortunately middle class are crushed.
People just want to show off though they dont have income. Buying iphones cars. People should understand having a car and iphone only makes them look rich..
This is a product of rampant globalisation and now further enhanced by social media.
People are buying things as you said rightly to look rich on front of other people who in reality don't give a shit about them.
It is a sad society we live in now that's dictated by perception and image.
The hounding of telephone calls of do you need loan ,,do you need loan..is also high.Its also responsible to effect consumer choice...
A heartfelt thank you to Prime Minister Modi for always advocating for "Good Days." However, let's delve into a case study: Person X purchased a house in August 2021 through a mortgage, with an EMI of 14,440 INR for 360 months. Fast forward to April 2024, X has already made payments for 32 months, yet their EMI has surged to 18,950 INR. They still have 376 months left to pay off the debt. The perplexing part? X is unaware of where the money for the past 32 months went. Moreover, they're now facing an additional 48 months of payments. This predicament sheds light on the impact of the RBI Repo rate hikes. Interestingly, during these 32 months, salaries have surged by 32%. It's crucial to ponder upon these realities rather than being swayed solely by social media narratives, which often portray a selective perspective.
If the house loan was taken on "Fixed mortage rate" then why was X's monthly mortage (interest) rate increased to Rs18950?
@@anjumb9206 Banks frequently decline to offer fixed interest rates and tend to impose higher interest rates on fixed loans compared to floating rates. In essence, it's not solely about the type of interest rate, but rather the prevailing circumstances.
I am watching this and realising that I have purchased so many things I don’t really need. I would love to cancel all my credit cards so I can stop buying things online but I am so much in debt I am scared. I must stop.
Credit card must be there and u have to use it only for medical emergency.
@@nikhilsoo yes. May be I try to limit my online spending as much as possible.
Same here, I had just put 3 items in my Amazon cart which i don't need much, was going to buy it later , but then I saw these video , now have no interest to buy those items any more.
@@anjumb9206 stay strong 💪
The only ones earning because of fiscal indiscipline of Indian consumers are corporates and government ( via taxes)
According to Credit Suisse Wealth's 2022 summary, the financial assets of Indian households are only 1/10 of those in China...
Guess the 40% does not include loans via usury/informal channel/loan sharks - which is the bulk of loans in India - is it difficult to find the size of such loans, salary levels of people who get these loans - i.e., real analysis.
Currencies are depreciating against assets. 😊
A couple of months ago, the government had released a report for the year 2022-23 showing that the poverty level had declined below 5%. Cost of food was no longer the biggest head of expenditure. People were spending more on milk, eggs, vegetables, fruits, and consumer durables.
They are not consuming, just investing real estate in hope for high return
I believe its quite good to see our country to see evolving. But I feel debt should be used wisely. Like debts can be used by real estate and Gold. But having salary of 10 to 12 k but buying iphone of 1lakh that's simply unacceptable and vanity
Unnecessary goods are being purchased due to offers and attractive advertisement.. Resulting in dumping unneccessary goods in home and the companies benefitted from it. Not a consumer. Buy one get one free... People who have been prey for it to understand these types of strategies of marketing so as to live in peaceful environment. Better savings Good health Good traditional well being.
Along with the debt , there should be a process to check who is burdened with the repayment, there is a lot of domestic and financial issues at root level.
There is a lot of stress caused due to this personal loans. It is emotionally and physically draining many people.
There are more stress related diseases rising in the background.
Yes Indians not afraid of taking loans ....in our district even middle class ,lower middle class also borrowing loans which is more then what they earn...and spending this amt on gadgets, sarees branded clothes and other unproductive things ..this may lead to economic crises in future
These are the days where people get zero percent EMI, hence even if you have money people wouldn't mind swiping card for that.
Key is to see the recovery ratios...not all are burning down their earnings but are also making assets like land and flat or so too.
All economies come to crash with real estate excesses. It is a highly leveraged asset that people borrow on and spend like drunken sailors. It can bring a quick end to India's prosperity. Enjoy the run while it lasts, but it will end badly real soon.
Because in the coming near future, there's a possibility that political parties may include as election manifesto to waive off household loans on certain items. Or to waive off income tax for those having loans. So we already started taking loans as a practice, to take loans and pay only interest till some party makes announcements like 1) 1 lakh rupees for one loan defaulter, or one person that only pays interest, and nothing (meaning very very little) towards principal, 2) one lakh rupees for each unemployed, interest-only paying individuals.
Palki looks so cute. Feel like watching her for hours together. I don't care about news.
No cost emi is one of the major reason, they will opt for that even though they are capable of buying at full.
Good symptoms, it seems!
This pattern sounds eerily familiar to the days of 2006-08 period of USA. People maybe borrowing loans left-right & center. But most crucial statistics is how many of the lending institutions are able to get those loans repaid with interest. The lifeline of economy depends on that one major factor. Hopefully Indian financial institutions undergo regular stress tests to verify these parameters. Unlike USA or UK, don't think Indian govt. would come to bail them out should things fall flat.
As an indian with knowledge on economics I would like to take loan on only performing assets like business, bonds, service deliverables and not on luxury
India need not worry. In fact they should be happy. In order to borrow more
the Indian credit rating must be extremely good. Be proud that this is happening.
this habit i see in my own house for yrs which has put us in a lot of trouble . wish people realised the importance of savings more. however much you earn. Earnings will not remain the same throughout.
People have less money in hand so they are taking more debt...
Borrowing to buy a home or fund (a good )education or start a business or even to buy a laptop/ phone that will help in studying or work is good; taking a loan to buy a fridge or washing machine is also good because it frees time to do other things but borrowing to buy a fancy car or unnecessary gadgets, watches , holidays etc is not good.
Credit cards are flowing like anything ..thats why 😂
Even though dept of country people is high Banks are not decreasing interest rates.