Gold or credit card: What’s helping Indians more in the hours of dire need?

For the first time, loans taken against gold jewellery (gold loans) in India have surpassed credit card debt. Banks had extended a total of INR3.06 lakh crore in gold loans as of August 2025, surpassing credit card debt, which stood at INR2.89 lakh crore, with the crossover first happening in July 2025. Let’s explore the data and story behind this trend, and what it means for borrowers and the banking system. The charts tell the tale Two charts