EMI Culture in India, are we Cautious Enough? Aspiration Vs Distress.

#EMI culture is Increasing in India. I have observed many things on EMI which were not there on the list earlier.
Is it good for Indian #Saving culture and Spend within your means (Income) mentality?
Are we #Spending first and then finding Means to pay, are we stretching our Spending to the extent that we take loan to repay the other one,  stuck with #CyclicalDebt trap.
Short Term Lending is the best way to increase #Consumption but what about #Savings which help to build #Assets and in Distress.
There is a cap on borrowing limit for rural people from MFIs, but not much restriction on urban Salaried class people.  Can’t Urban salaried people face the same issue which MFIs faced,  #MultipleLending #HighDefault cases?
Easy access to short term finance has been made possible through #FinTech, but are we cautious enough to use it Wisely?

Is the entire EMI game riding on the Customers Hope and Aspirations than Real #Willingness & Or #Ability to Pay? Will it lead to Some Economical Crisis in the longer Run?

I am talking about cases where we stretch ourselves beyond means & not normal cases. For me as #FinTech enthusiast, EMI is a great thing but I am equally concerned about customers repayment capacity

Many questions raised but would appreciate your Thoughts Please.