Indian households are borrowing less for discretionary spending and more against assets. RBI sectoral credit data for August 2026 shows that credit card dues and consumer durable loans barely moved, while loans against gold grew at a blistering pace, according to a Times of India report. Credit card outstandings grew just 3.6% year on year in August, while consumer durable loans rose 2.4%. Both are far below the overall bank credit growth of 19.1%. Credit card dues stood at about Rs 3 lakh crore in August but added only Rs 4,740 crore in the first five months of FY27. Consumer durable loans stood at Rs 23,295 crore and added just Rs 1,333 crore between April and August.