Urban indebtedness

The other alternative was to purchase of motor vehicles and cars. Banks were extra enthusiastic to finance them on long term lease agreements. Those who could not afford but were eager to have them through lease system had to pay substantial installments. Those who could not manage the lease system were crushed under heavy debts. In addition almost every bank did aggressive marketing in selling its credit cards. The holders of the cards were lured to buy consumer goods indiscriminately. This led to consumerism and discouraged the habit of savings. The ugliest aspect of this system was that quite often the debtor or the card holder was unable to pay back the periodic installment and the mark up. All these measures produced what may be called urban indebtedness. Outwardly it gave shine of prosperity but in point of fact it contributed to a miserable living.