Over-dependence on debt for upgrading your lifestyle by acquiring consumer goods leads to a debt trap, which, if mismanaged, becomes irreversible. Avoid impulsive buying at all cost and avoid the temptation to stretch your purchases. The credit card spends and personal loans are unsecured loans and carry a high interest rate. They are primarily taken for purchase of consumer goods or on lifestyle expenses. This makes them qualify as ‘destructive loans’ unlike home loans that helps in creation of an asset.
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Mala Bhargava has been writing on technology well before the advent of internet in Indians and before CDs made their way into computers. Mala writes on technology, social media, startups and fitness. A trained psychologist, she claims that her understanding of psychology helps her understand the human side of technology.
