Is Dream Home and Car is making people get into Debt Trap

We all want to have our dream home and car at some point in our life. And it depends on oneself when he wants to take that leap. Some people buy that dream home and car when they have the enough money in the bank, and some people try to do earlier by taking loans.

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Now everyone wants their dream car and home to be the best. A big house in nice locality, a big car which is quite good looking. Now the problem is this is making people get into the debt trap. I have a collegue who is earning somewhat modest salary. His dream house is to have 3 BHK in a nice locality having 2 balcony. A project came near to our house, and then he quickly registered it.

When we asked the unit price, it was upward of 2 Crore and it was a shock to us. He doesn't have that much income as we know. He was not inheriting anything, when asked about it, he said that he is getting the loan for the maximum amount. Now it's good to have a house but for that getting so much debt trap is bad.

Now because of this debt trap, he might not be able to succeed much in his career because now he has to be tied down to his current job. And he will not be able to do anything else. So it's good to have a dream home and dream car but if it actually affecr your finances then it's good to move your dream to little far or you can lower your expectations.

Posted Using INLEO