Loan for Luxury? Read This Before You Swipe

• Using loans for luxury items can lead to financial burden, as the initial thrill fades while EMIs persist.
• Interest and fees significantly increase the actual cost of luxury items bought on loan, often more than expected.
• Unplanned luxury loans can negatively impact credit scores if EMIs are missed, regardless of the item purchased.
• Tying up income in luxury EMIs can limit access to funds for genuine emergencies, potentially leading to costlier debt.
• Saving for luxury items offers more freedom and satisfaction, avoiding the stress and long-term financial commitment of loans.

Why It Matters: Luxury loans can lead to unexpected financial burden and long-term regret.