The recent recession has much to do with loans,credit cards and changing life styles
The rich and effluent of this country are really living life king sizeAnd why shouldnt they?
They can afford it and it is definately worth it to live up today and enjoy it to the brim,rather than save and wait for to-morrow,which may not come
But this has really caused chaos for the middle class.Living life king size is not an easy task,it needs lots of money,The upper class has it and the lower are not expected to maintain a standard.It is the middle class of the society which is facing the brunt of this sudden boom in the living standards.These are mainly the service class professionals or young executives,who have the taste,the knowledge of the in-things and even the time.They come in contact with these really hi-fi poeple of the society and are actually growing crazy trying to keep pace with them
Owning a house,car,telephone,tv,fridge etc can hardly be called extravance.These are neccesities.Even an ac,microwave and cellphones can be added in this list for working couples,There is absolutely no harm in buying these on loan or by credit card.It is the disposables of todays lifestyle that are the trouble shooters.Clothes,accesories,eating out,holidays and jwellery cost a fortune but are very short lived due to the faste speed of changing fashion and trend.This is where there is maximum use of credit cards which starts a vicious cycle, often requiring a loan to pay-off the credit card dues
Improving living standards and aiming for a better life-style is a sign of progress but should be done with caution.Spending more than what one earns can never go on for eternity,the baloon will burst one day.t The rich have a back-up,the neo or the psuedo rich have no reserve to pull them out.
And while todays luxeries are really comfortable, they have their dangers too.They are not only making life a little too fast ,mechanical and materialistic, but also giving the kids a false security and an attitude to just relax and enjoy.
Aiming such a life or maintaining such a standard may often tempt a person to use unfair maens which may be actually dangerous
So its better to live a life prince size on affordable means than king size on borrowed or stolen money
D r Sanjay Kapoor