Thinking of Applying for a Loan? Read this first! Loans! Not the solution but a long-tern worry We always aspire to buy the latest Smartphone or snazzy new car. With most of us earning a fixed salary, to purchase them in our surplus income even in a few months is far from practical. The need to stay socially relevant has made buying them not an option. The most convenient way to purchase them has been through a credit line. Be that by a credit card which is easily approved nowadays or by means of an EMI that is provided by submitting your bank statement & other docs. The new trend now by e commerce companies & other finance firms is to provide these EMI’s with just debit card information of a buyer. On viewing these options the consumers are easily drawn to buy more & more through credit on things not relevant or viable for their spending power.
While the new product may give them an instant gratification, the after effects such as EMI payments, missing an EMI & its effect on their credit score is substantial for a long time. The paranoia that many experience just before their payment dates & the struggles they go through to arrange money from taking more credit from unauthorized sources to not being able to meet their basic needs making their life miserable. It’s just like any bad habit that one would try, then get addicted & finally suffer various consequences that affects not just them but their