The EMI generation is here. They might have fancy cars and swanky homes but they are unable to pay for these. Either they shift jobs or lose well-paying ones. And what comes next? Suicide. Rather than live through the ignominy, one in every 10 youngsters contemplate taking their lives. Take the case of recently out-of-work Kiran S who has filed for bankruptcy. Under constant pressure, he has borrowed from friends and even that is not enough.
But he is not alone. The recent hikes in interest rates on home loans could make defaults higher, feels Dinesh P, manager, ICICI Bank. “High inflation and the sharp rise in interest rates has taken a toll on the young borrower’s ability,” he says. It’s a case of Peepli Live in the urban areas!
Psychotherapists claim that the maximum distress calls are from such youngsters who think big but have no backing. Psychotherapist Babushka C reveals that as a corporate counselor she receives many calls from young professionals wanting help. “Off late they have been stuck with big EMIs. Shifting jobs or getting a pay cut, they don’t realise that their fund flow may not be enough and that’s when the problem arises.”
Media professional Valerie S feels it is a direct fall out of the recession. “I know friends who are stressed due to loan defaults. Some have even started avoiding parties!” The ease with which financial demands are being met leads many youngsters to apply for loans. This vicious cycle keeps spiraling till it’s too late. Lifestyle therapist Dr Preeti Sethi believes that this ‘easy money’ concept is leading many to commit suicide. “EMI doesn’t work in our country as the rich are very rich and the rest are trying to ape them!”
She adds that the need for loans on cars and homes comes due to a general lack of self-esteem and confidence. “It is all materialistic. Everything comes with a price tag — the interest that you are paying to maintain a lifestyle. The pressures soon make them suicidal.” But some like management professional Shradda N have realised this. “I took a personal loan of `10 lakh. With rising EMIs, it is becoming increasingly difficult to repay it. I am thinking of amortising the debt,” she says. But not many have concrete help at hand. Says Dr Preeti, “The new generation needs to work, set clear goals, interact with like-minded people and those who value them as they are.” Babushka feels relationships that work are the need of the hour. “The support system of before has more or less vanished. Emotional grounding at home helps one get out of depression,” she concludes.
