New Delhi, Aug. 1 -- Undoubtedly, the digital era has increased accessibility to financial products. Now that there are investment apps and online banking, handling money is easier than before. However, this accessibility may also come with a set of drawbacks.

Most importantly, there has been a notable rise in consumer debt as a result of how easy it is to obtain credit. The allure of instant satisfaction and the deluge of commercials can make it difficult to distinguish between needs and wants. When coupled with a lack of financial literacy, this frequently leads to rash purchases and a debt spiral. Financial instability can be a significant result of bad money habits. Maintaining a solid financial base requires being mindful of both yo...