India, May 17 -- A Hyderabad-based software engineer claims he is "dead scared" to take a loan right now due to lack of job security. Mutha Nagavamsi shared an X post where he obliquely referred to the climate of fear in the IT industry brought on by frequent layoff cycles across companies.

Nagavamsi compared the current scenario to a few years ago, when software engineers could take on loans without a second thought, thanks to decent job security. He claimed that today, most people are unsure whether they will even have jobs in the future, and are hence hesitant to take on a financial obligations.

"I'm an engineer. And I'm scared to take a loan right now. 5 years ago, software engineers used to take loans left, right & center. There wa...