Break Out Of Debt

Neither a borrower nor a lender be’, the bard famously said. But in today’s world, for most of us, loans are essential. They help us get an education, buy a car, get a house, go on a holiday or buy that phone. They are also useful in times of need—paying for a medical emergency or making urgent repairs to a house. Used judiciously, credit is a friend; handled imprudently, it turns into a debt monster. The psychological burden of debt is heavy. It comes with stress, anxiety, sleeplessness and much more. That is what happened to Shekhar Nandi (name changed), who is 43 years old now. In 2017, he had taken a personal loan of Rs 25 lakh to pay for his medical treatment as his health insurance was not enough. Nandi’s salary and savings also got exhausted. He felt helpless. “There would be nights when I would just stare at the ceiling until the wee hours of the...