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The EMI Trap: India's Youth in a Debt Spiral
Easy Monthly Installments (EMI): The siren song of modern consumerism. But is it luring India's youth into a financial abyss?
The EMI Trap Explained:
→ Attractive low monthly payments especially for bikes and phones (college swag)
→ Long repayment periods
→ Hidden fees and high interest rates
Why It's Booming:
1. Digital Revolution
• One-click loans
• Buy Now, Pay Later schemes
2. Aspirational Spending
• Social media pressure
• FOMO-driven purchases
3. Easy Credit Access
• Fintech apps lowering barriers
• Minimal credit checks
4. Financial Illiteracy
• Lack of long-term planning skills
• Misunderstanding of compound interest
The Youth Factor:
• 65% of India's population under 35
• First-time credit users
• Impulse-driven spending habits
Alarming Trends:
→ 40% rise in personal loans (2022)
→ 30% increase in defaults among 21-35 age group
→ Growing debt-to-income ratios
#
Easy Monthly Installments (EMI): The siren song of modern consumerism. But is it luring India's youth into a financial abyss?
The EMI Trap Explained:
→ Attractive low monthly payments especially for bikes and phones (college swag)
→ Long repayment periods
→ Hidden fees and high interest rates
Why It's Booming:
1. Digital Revolution
• One-click loans
• Buy Now, Pay Later schemes
2. Aspirational Spending
• Social media pressure
• FOMO-driven purchases
3. Easy Credit Access
• Fintech apps lowering barriers
• Minimal credit checks
4. Financial Illiteracy
• Lack of long-term planning skills
• Misunderstanding of compound interest
The Youth Factor:
• 65% of India's population under 35
• First-time credit users
• Impulse-driven spending habits
Alarming Trends:
→ 40% rise in personal loans (2022)
→ 30% increase in defaults among 21-35 age group
→ Growing debt-to-income ratios
#
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