The pandemic and the consequent loss of jobs and reduction in business incomes have led to an increase in household debt. According to a March 19 release from the Reserve Bank of India (RBI), the household debt-to-GDP ratio rose from 35.4 per cent in the first quarter of 2020-21 (Q1FY21) to 37.1 per cent in Q2. Add to that the easy availability of loans via apps, and the chances of falling into a debt trap are perhaps higher today than at any time in the past. If you are caught in such a situation, adopt one of the two strategies described below.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
SUBSCRIBE TO INSIGHTS
What you get on Business Standard Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
-
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
-
26 years of website archives.
-
Preferential invites to Business Standard events.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU