Kahani Ghar Ghar Ki: Should India Be Worried About Its Household Debt?

Money Matters

Kahani Ghar Ghar Ki: Should India Be Worried About Its Household Debt?

Illustration: Akshita Monga

 

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s much as governments and banking systems may try and influence what we do in our day-to-day lives, cultural stereotypes – especially when it comes to money – are hard to sway. Americans, for example, pride themselves on a consumer culture, thereby accumulating credit cards (and the debt that comes with them) faster than you can say “fiscal irresponsibility”. In contrast, Japan has an extreme saving culture, which has in turn led to historically sluggish growth even as its government begs them to go out and spend a little.

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