Chartered accountant warns of EMI trap impacting young earners' savings

economictimes.indiatimes.com

Rising expenses and easy credit are trapping young earners in debt through small monthly installments for lifestyle purchases. A chartered accountant warns that these EMIs erode savings, increase credit dependency, and hinder long-term financial growth, consuming a significant portion of income. He advises keeping EMIs under 20% of income, avoiding loans for depreciating assets, and prioritizing saving for appreciating assets to prevent this "silent money killer."


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Chartered accountant warns of EMI trap impacting young earners' savings | News Minimalist