Credit card spending falls 2.8% in August as new card additions slow

Credit card spending in India fell by 2.8% in August, dropping to ₹2.02 lakh crore from ₹2.08 lakh crore in July. This decline is a sign that consumers are being more cautious with their spending, which could have implications for the overall economy. The moderation in spending trend is also reflected in the slowdown in new credit card additions, with banks issuing 1.19 million new cards in August, a 5.6% decrease from the previous month. This slowdown in credit card growth may indicate a decrease in consumer confidence.

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Credit card spending decreased by 2. 8% in August, indicating a slowdown in consumer spending.

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