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EMI on Debit Card; Good or Bad

10 questions to ask when chosing EMI on Debit Card


Online Stores like Amazon, Flipkart etc has made ties with Indian Banks like ICICI and others. Now your Debit Card will work like credit card given if you have some savings in your bank as Fixed Deposit. Buying is made easy now. After cash on delivery, EMI on Debit Card is second most eye catching utility. Stores want you to buy more. Banks want you to sell more money. They will always want, its there business.
EMI on Debit Card means no extra paper work for getting a credit card, plus banks will be in safer side. In past decade Credit Card fraud was enormous as credit limit on a credit card goes high in accordance with your purchasing power.
Customers are also in safer side as 'buying very high value articles and then unable to pay thing' will be minimized.
In countries like US, UK there run consultancies with promise of making you Debt Free / Credit Card Debt Free, as people buy and then unable to pay.
No matter how many security instruments are out there in the market, but you are the best instrument to safeguard yourself from falling in a debt.
In my experience, most of the debt trap happens because of indecision, ego and emotions. Lack of doing simple math is also a big problem.
Before you buy, ask these 10 questions
  1. How much savings I have
  2. How much I need to pay for EMI
  3. Whether I will be able to pay EMI hassle free
  4. Whether my future responsibilities will go higher
  5. Is this thing I truly need
  6. How much extra money I will spend if buying on EMI
  7. Do I have funds for rainy days
  8. Do I have alternative options to get this article for less price
  9. How much money I will save and make if I save the amount equivalent of EMI
  10. Which is the best store that offers me low cost EMI 
Never take borrowing decisions based on ego or emotions.
Indecision is when you are not sure.

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