New Delhi:India’s credit card debt has shot up to ₹2.92 lakh crore in just four years, and personal loans have jumped by 75%. But Monish Gosar, a Mumbai-based data scientist, says banks didn’t force anyone—people chose to borrow. “Banks didn’t trap us,” he writes. “They offered the rope. We tied the knots”.

Gosar believes the real problem isn’t inflation or taxes—it’s the idea that buying a ₹10 lakh car is a reward for hard work. He criticizes the middle class for thinking credit is a shortcut to comfort and status. He shares an example of a friend earning ₹15 lakh a year who bought a new car instead of a used one, saying, “I deserve it.” Gosar’s reply: “That’s exactly how the system wins”.

He argues that India’s salaried professionals aren’t just victims of rising costs. Instead, he blames impulsive spending, lifestyle inflation, and caring too much 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 worrying—credit card debt and personal loans are soaring, and 5–10% of India’s middle class is now stuck in a debt cycle just to keep up appearances, according to investor Saurabh Mukherjea. With job security threatened by automation and AI, the old idea of a safe salaried job is fading.

Gosar admits there are bigger issues, but says real change starts with taking responsibility. “Every swipe, every EMI—that was on us,” he writes. “It’s time we stop blaming others and start making smarter choices”.