Youth these days are not taking loans to build homes or attain higher education, they are turning into borrowers for buying I-phones, travelling and enjoying their lives.

The emerging trend is all about making reels and putting status updates. There have been many instances about youngsters taking loans to travel to other states or countries to watch concerts, sports events and shows.

The loans availed by these youngsters are available at high interest rates without any security or guarantees. Since these are unsecured, lenders compensate for the risk by charging exorbitant rates and penalties for delays.

Many youngsters, who are first-time borrowers are unaware of compound interest, processing fees, late payment charges and the long-term impact on their credit scores.

What starts as a small loan of Rs 50,000 or Rs 1 lakh snowballs into a crippling burden within months.

The social media has turned lifestyles into public performances. Reels showcasing luxury phones, airport selfies, concerts, cafés and branded outfits have become markers of success and social validation. The life has become more about a show off.

The elements like building a future or to achieve........

© Greater Kashmir