Credit Nation

A soon-to-be released survey by National Council for Applied Economic Research and Max New York Life Insurance found that more and more households seem to be borrowing not for creating assets like building a house or buying a car, but to meet consumption needs ranging from food, transport and medical bills to even repaying loans. Consumers using credit facilities, probably credit cards, for purchasing fuel and renovating their houses constitute the biggest chunk of the borrowings.

The findings confirm the trend towards urban India's transformation into a consumerist society with diminished stigma associated with debt.