Average debt per borrower rose to ₹4.8 lakh in FY25 from ₹3.9 lakh two years earlier. Non-housing loans like credit cards, personal, and auto loans now make up 55% of household debt, compared to 29% for housing. Credit card spends have surged 13x in 13 years. Today, most borrow to fuel instant gratification and lifestyle experiences rather than build assets.