CULTURE - II
People have to be more discrete in borrowing, so that the burden of repayment is both limited and justifiable. Another contributory factor to this culture is ‘looking for new products in the market’ and acquiring that to be the ‘first possessor’. Often these products lie idle after a couple of early uses. The tendency of glossy presentation has cut into the individual’s economy. There is no answer / clues to arrest the trend. It is for the individuals to weigh the prospects of plus and minus in deciding either way.
Quite inexplicably people succumb to notions of social beliefs. Many do not seem to consider the larger inconveniences that may not readily meet the eye. There is a cultural drift towards extravaganza. The trend appears widespread in all the strata of the society. One of the reasons that have devoured our tendencies of frugality is the nuclear family culture. We have lost faith in the joint family system. In the earlier dispensation, elders were a part of the household. They would influence the decision-making and not permit serious deviations from standard practices of the family. They would constantly review the financial situation. It was considered a sin to mobilize resources by borrowing. Now the scenario has changed beyond the limits of control. All forms of borrowing are indulged in. Lending agencies vie with one another to hoodwink customers with tempting offers like [0% interest]. It is actually a message that once is the deal is clinched the firm’s attitude to the customer would be 0%. All hidden rules and unexpected interpretations of the clauses would come about if we were to seek any further help like enhancing the quantum or on premature closure of account by settling the dues in a single installment. Even, well organized financial institutions resort to third degree methods of recovering dues from us. Another diabolic item is the credit card. Some firms thrust it on us voluntarily. Substantial care and caution are essential to possess and operate this instrument, lest the user should stand discredited. To continue Prof. K. Raman
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