Banks Didn’t Trap Us—We Did It to Ourselves: The Untold Story of India’s Debt Explosion

New Delhi:India’s bank card debt has shot as much as ₹2.92 lakh crore in simply 4 years, and private loans have jumped by way of 75%. But Monish Gosar, a Mumbai-based information scientist, says banks didn’t power any person—folks selected to borrow. “Banks didn’t trap us,” he writes. “They offered the rope. We tied the knots”.

Gosar believes the actual drawback isn’t inflation or taxes—it’s the concept that purchasing a ₹10 lakh automobile is a praise for arduous paintings. He criticizes the center magnificence for pondering credit score is a shortcut to convenience and standing. He stocks an instance of a pal incomes ₹15 lakh a yr who purchased a brand new automobile as an alternative of a used one, announcing, “I deserve it.” Gosar’s answer: “That’s exactly how the system wins”.

He argues that India’s salaried pros aren’t simply sufferers of emerging prices. Instead, he blames impulsive spending, way of life inflation, and being concerned an excessive amount of about appearances. “We confused wants with needs,” he says. “We let Instagram set our financial goals. We made emotional decisions and ignored the math”.

The numbers are being worried—bank card debt and private loans are hovering, and 5–10% of India’s heart magnificence is now caught in a debt cycle simply to take care of appearances, in line with investor Saurabh Mukherjea. With activity safety threatened by way of automation and AI, the previous concept of a protected salaried activity is fading.

Gosar admits there are larger problems, however says actual alternate begins with taking accountability. “Every swipe, every EMI—that was on us,” he writes. “It’s time we stop blaming others and start making smarter choices”.