Mumbai, July 15 -- Bhuvanaa Shreeram felt liberated when she started earning for herself more than 24 years ago. It meant she could begin repaying her education loan. She soon took the next logical step and got married, but then came a personal loan. Like many families, the couple bought a home with a housing loan, and a car on finance. Eventually, when their combined monthly income could no longer bear the burden of EMIs, they began relying on credit cards to get through the month.

The downward spiral was quick and brutal. But the realisation of the catastrophe ahead came only when the family faced a medical emergency and had to pledge its gold to pay hospital expenses. Their income didn't last beyond the 10th of the month, and Shreeram...