Debt has traditionally been considered bad. With income levels rising and access to loans becoming easier, debt has now gained more social acceptance. But, with the economy now on a downturn, borrowers realise that loan commitments are an albatross around their necks. Rising inflation is adding to their worries. Returns from traditional savings tools such as bank deposits are at multi-year lows.

As a consequence, the personal finance of salaried persons has taken a big hit. For some, investment plans have gone bad. Some others are struggling to pay their EMIs. Most blame it on the loans they have availed of. It isn’t surprising, given the low credit literacy rate in the country. But it is never too late to tackle this challenge.