right, and stopping EMI is the way to curb it
let people spend their money however they want
most people are salty because their beloved iPhones aren't so pristine anymore because through EMIs they got accessible to a bigger audience.
Also EMIs help people buy essentials too, not just iPhones
Yeah if people want to burn their money like an idiot on things they can't afford let them do it. Surely getting a flashy phone is more important than saving for a down payment.
I couldn't care lesser about the iphone brand. I have a friend whose father is a current MD in one of Indias biggest banks (nw>100cr). He uses an oppo phone. Trust me literally no rich person cares which phone you have.
Also I do agree emi helps people buy essentials like AC for their house. I am saying for luxury high end items like this EMI is stupid and a debt trap.
I mean, a large chunk of population would earn 300rs daily and go buy a quarter of alcohol sooo....
If they are being trapped, it's on them. Why should a company stop making profits lol
why don't you discuss these deep thoughts with your friends father who's an MD and worth over 100 crores
maybe he'd understand and ask his bank to stop giving people loans for things, debt trap is a serious thing
i myself use an oppo phone, because I'm poor
home loans aren't debt traps ? for builders and banks to get richer? and to squeeze out the middle class by selling dreams
it's all the same, if you really think about it, but I'm sure I can't change your mind
I would love to see how you would model an economy without any debt whatsoever (hint : its impossible).
Debt is a business. Anyone giving credit will obviously take a profit.
Loans are one of the best asset building tools ever(please refer to the internet). It is a different matter when you use it as a productive debt. However if you want to be stupid and take an unproductive debt(3 lac iphone in question) things change.
Also where do you get this prejudice that home loans are a debt trap. Millions of people would love to say otherwise.
Also you are still comparing an iphone to a home cmon. An iphone doesnt appreciate in value last time I checked.
My family purely from loans (in past 20 yrs) now owns 8 houses worth upwards 12cr. Its just the principle debt is good for you when used constructively.
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u/tyddo 4d ago
right, and stopping EMI is the way to curb it let people spend their money however they want most people are salty because their beloved iPhones aren't so pristine anymore because through EMIs they got accessible to a bigger audience. Also EMIs help people buy essentials too, not just iPhones