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CA warns how 'no-cost EMIs' is keeping Indian middle class broke: ‘If you have to borrow for 36 months, you cannot afford it’
CA Nitin Kaushik warns that “no cost EMIs” can leave Indias middle class financially stretched by encouraging lifestyle upgrades through debt. He argues that five-year car loans and credit card EMIs for phones or vacations can consume future salaries and reduce financial flexibility. His simple rule: if you need to borrow for 36 months to buy a gadget, you cannot actually afford it.
Raccontata da
economictimes.indiatimes.com
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Indian middle class going 'broke' due to common spending trap: CA warns about financial habit that drains even future wealth
The Indian middle class may be facing a financial problem that is easy to miss while incomes and spending continue to rise. A CA has now pointed to a common money habit among…
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CA warns how 'no-cost EMIs' is keeping Indian middle class broke: ‘If you have to borrow for 36 months, you cannot afford it’
CA Nitin Kaushik warns that “no cost EMIs” can leave Indias middle class financially stretched by encouraging lifestyle upgrades through debt. He argues that five-year car loans…