Debt Need Not Be A Burden

There is no escape from EMIs in today’s day and age. That was a casual remark by a friend but it got me thinking about how we have embraced debt and made it an intrinsic part of our lives. It all starts with that small loan for a phone we always wanted to buy and we plunge right in as soon as we get our first salary. Soon after, when we start living independently, a consumer durable needs to be bought. Even if it’s not affordable, we go ahead, and there comes another EMI in our lives. If there’s an education loan EMI to take over from parents, well, that too, then. As we add years and income to our lives, we need to reckon with newer EMIs. There is the car EMI, which seems to be a never-ending loop. By the time we finish paying for our first car, it’s time to “upgrade” because everyone around us has a bigger and shinier car, and there starts a...