60% of borrowers face financial pressure as monthly EMIs exceed family income
- Around 60% of borrowers have monthly loan payments EMIs that nearly equal or exceed their total family income, according to Expert Panel data.
- Nearly 40% of borrowers take new loans or use credit cards to repay existing EMIs, pushing them further into debt.
- Medical emergencies account for 26% of borrowing cases, followed by family expenses at 22% and business or job-related needs at 18%.
- Financial experts advised avoiding unnecessary festive loans and checking repayment ability before borrowing.
Source: indiatoday.in
Get 100 stories a day on the app
Read, watch & listen · Free on iOS & Android
