New Delhi, Nov. 7 -- In today's rapidly evolving economy, financial stability faces many challenges. Medical emergencies, sudden travel, unexpected costs and house renovations can easily disrupt even the most robust financial plans.

Meanwhile, household savings are rapidly declining. Borrowers are increasingly taking on new loans and credit just to meet day-to-day expenses. Therefore, it is crucial for borrowers to use credit wisely to avoid long-term financial stress.

Vibhore Goyal, Founder, OneBanc, says, "Unplanned expenses are shocks outside salary cycles. Medical bills or breakdowns deserve buffers and borrowing as a safety valve. Yet buffers are shrinking - household financial savings have slipped from 15% to 10% of GDP (RBI, NSO)...