The use of credit cards is closely connected to how well someone is doing financially. It has been associated with behaviors like excessive shopping and materialism. In India, there has been a recent increase in the number of credit cards issued. This research aims to study how Indian consumers use credit cards and how it affects their debt. The study focuses on three factors: power-prestige, credit card features, and ease of use. By understanding these factors, we can gain insights that will help both consumers and credit card issuers improve their financial well-being. The study identified three different groups of consumers based on their motivations for using credit cards. The first group is driven by a desire for power and prestige, while the second group is influenced by credit card features. The third group, which finds credit cards easy to use, has a negative impact on credit card usage. The research discovered several variables that affect how people use credit cards. By classifying consumers based on their motivations, the findings can provide a starting point for both consumers and issuers to better understand their financial well-being.

Original languageEnglish
Article number2269796
JournalCogent Economics and Finance
Issue number2
Publication statusPublished - 2023

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics


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