9 months ago
Guwahati Youth's Rising Debt Trap Due to Credit Card Usage
Many young people in Guwahati are using credit cards to buy things they want now and pay later.
This seems like a good idea at first, but it can lead to big problems.
They might not realize how much they owe until it's too late, and they can't pay back the money they borrowed.
This can happen because of discounts, easy payment plans, and the desire to keep up with friends or social media.
It's like a snowball that grows bigger and bigger until it's hard to handle.
Young shoppers in Guwahati are falling into a debt trap due to easy credit options.
Credit cards are being used for instant gratification on items like gadgets and branded clothing through EMIs.
Attractive discounts and exclusive bank offers on online shopping lure consumers into increased credit card usage.
Peer pressure and the desire to maintain a certain lifestyle contribute to overspending.
The convenience of credit cards can quickly turn into a significant personal debt burden for young adults.
- Who
- Young consumers in Guwahati
- What
- Are increasingly falling into personal debt due to easy credit offers like discounts and EMIs on credit cards
- Where
- Guwahati
- When
- The trend is ongoing and becoming a growing concern
- Why
- Attracted by discounts, the ease of EMIs, peer pressure to maintain a certain lifestyle, and impulse buying
Pro-Consumer Advocates
Financial Regulators
Credit Card Accessibility
Pro-Consumer Advocates
Credit cards provide a lifeline for young adults to afford essentials and build credit history.
Financial Regulators
Easy access to credit cards can lead to overspending and financial instability.
Responsibility and Education
Pro-Consumer Advocates
Consumers should be educated on responsible credit usage to avoid debt traps.
Financial Regulators
Stricter regulations and age limits may be necessary to protect young adults from themselves.
Key facts
- Primary Location
- Guwahati
- Affected Demographic
- Young Shoppers
- Main Drivers of Debt
- Discounts, EMIs, Peer Pressure, Impulse Buying
- Common Purchases on Credit
- High-end gadgets, premium sneakers, branded clothing, Apple devices
- Consequence
- Rising personal debt, financial crisis
Quotes
G. Rajkhowa
An advocate in Guwahati
“In our profession, payments come per case rather than monthly, which makes it difficult to manage finances with just one source of income. Credit cards initially helped me make urgent purchases, however, it has now become a bad habit. I use my cards for almost everything, even when I have cash... by the end of the month, I realise my debt has grown beyond what I can manage.”
assamtribune.com
Sushil Jain
A businessman in Guwahati
“Whenever we shop online, we often come across special discounts or exclusive offers available through certain banks... our credit card usage keeps increasing with each purchase, gradually making us more dependent on credit cards because of these attractive offers.”
assamtribune.com
Krish
An Assam-born engineer working at an MNC in Bengaluru
“Life in an MNC may look glamorous from the outside, but balancing household responsibilities while keeping up with social expectations is tough... Earlier, owning an Apple device felt like a luxury, but now almost everyone has one thanks to easy EMIs... it’s only when the credit card bill arrives that we realise how much we actually owe.”
assamtribune.com
