New Delhi, Aug. 19 -- If you're planning to buy a phone, a TV, or a car, you will be mostly buying it "on EMI". Credit has become an integral part of our purchasing decisions, and some also see it as a simple convenience. And in many ways, it is!

Credit makes aspirational goods more affordable by letting us spread payments over time instead of parting with a large sum at once. It also removes the hassle of transferring money between accounts or worrying about transaction limits. With just a few clicks or a quick digital signature, the purchase is complete. But this very convenience can be a double-edged sword. Without fully understanding how loans work or how borrowing affects long-term financial health, the same tool that helps you toda...