27 September, 2020

The Have-Card-Will-Spend Brigade

The Have-Card-Will-Spend Brigade
An Outlook-MODE pol of 108 telephone-owning adults in Delhi highlights the extent of the credit culture. Not only do 60 per cent of our respondents own plastic, one in every five has bought something on instalment. Not surprisingly, under 35-Indians are far deeper in credit economy than older customers. The average cardspend for a household earning less than 10,000 a month is, in the best case , almost 24 percent of the income, which is surel wiping out the family's disposible income and savings potential, since in India, hardly any cardspend is on esssentials. Are we all falling into debt traps? No, if our income keeps rising fast enough to keep the debt- service ratio at the manageable levels. But if that doesn't happen….

Attitude vis-à-vis Credit Card

Makes me feel safer- 97%

Tend to spend more- 55%

I don't have to wait to buy things I want- 68%

Buy things which I cannot afford otherwise- 29%

Ownership of Credit Cards

All- 60

< Rs 10,000 MHI- 45%

>Rs 10,000 MHI- 70%

Upto 35 years-64%

36 years + -...



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