A 22-year-old might take a ₹50,000 loan for a BTS concert in South Korea, not a home or car. And that’s worrying the RBI. Household debt is growing fast; and over half of it now is for pure consumption (not assets). Credit cards, personal loans, and BNPL (buy-now, pay-later) are the fuel. Fintechs now hold over half the small personal loan market, with 70% of their loans unsecured; and 6.4% already delinquent. What’s behind this? Younger Indians are borrowing earlier, harder, and for experiences; not assets. 1 in 10 Gen Zers are willing to spend half their salary on music travel. And while the RBI says the risk is ‘contained,’ the trend is accelerating: 39% of credit-active borrowers are under 35, and their leverage is rising. The real question isn’t just whether they can afford it now; but what happens if jobs slow down, or inflation jumps. Because this isn’t ‘living within means.’ It’s ‘spending first, worrying later.’ And that’s the debt trap no one’s talking about.