I sound like a wrinkled old alarmist for raising concern over the casual use of EMI by my friends. Banks are increasingly handing out EMI offers on credit and debit cards to people who can easily afford to buy stuff upfront.

Instead, people are opting to buy stuff on EMI, setting in motion the debt spiral, losing a realistic idea of their net worth and splurging left-over money on trips abroad — essentially living like no tomorrow.

EMI is a good option when your cashflow is uncertain and you absolutely need certain items. But if you use No-Cost-EMI just because it puts more items within the reach of your monthly salary...well, good luck with your date with the consumerism monster.

Nevermind...I'll own it. I am a wrinkled old man now.