It is the sluggish, gradual slip into a financial obligation trap that will prove more harmful since it goes unnoticed till the individual is neck deep inside it.
For a big portion of individuals, especially the class that is salaried financial obligation is unavoidable. However, borrowing irresponsibly can secure you in big trouble. Relating to an ET riches study, 15% of the participants have an EMI outgo in excess of 50% of the earnings. The study was conducted in March together with 2,042 participants from over the nation, age brackets and earnings amounts.
Surprisngly, 32% regarding the participants with EMIs of significantly more than 50% are senior citizens—people who’ve fixed incomes. The study additionally revealed that one away from five participants took loans to settle loans that are existing the the last a year. (more…)