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Middle Class Biggest Trap: Middle class is very important in terms of India’s economy. The same class also consumes the most. Seeing this class, most marketing strategy is made. But, today this class is under the highest pressure and the reason is neither inflation nor tax that is high. According to financial expert Tapas Chakraborty, the biggest challenge in front of the average families of middle class is the EMI paid every day on their behalf.
Tapas Chakraborty has written on his LinkedIn that what is the most crisis of India’s middle class today? There is neither inflation nor tax, this is EMI. Today it has been that earn, borrow, then keep paying it… neither saving and no benefit.
EMI big trap
He said that this cycle of EMI is constantly eating the income of the people quietly and people are able to save very rarely for emergency or re -savings.
He says that from phone to flight tickets and grossies … Today everything is available on monthly EMI. Which was an option of convenience for people at one time, today it has become a new way for them to live.
People are burdened with loan burden
Today everything from AC to freeze and fancy sofa is ready for you on just one swap. For this, there is no need to fill any long form of any kind nor wait. Even press only the button, buy it and keep paying in the matter. But now buy and later, people are constantly trapping in the debt trap.
It can also be understood from these figures that about 70 percent of the phones sold in India are being sold on EMI. 32 percent spending people are spending through credit cards, personal loans and bye -pay letters. Small creditors have already been bankrupt, while many people are repaying three or four loans together. Experts are warning that if there is no savings and a health emergency comes then what will happen then.
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