New Delhi, May 14 -- We are often advised to build a strong financial foundation, and this foundation relies heavily on comprehensive financial education, which includes understanding saving behaviour, investment habits, and seeking credit at the right time. Yet, we are rarely given clear explanations of what terms like 'credit' and 'debt' truly mean, making them seem intimidating, especially for those just beginning their financial journey.

In India, traditionally, buying a house is considered a significant milestone in the financial journey and a marker of independence for an employed adult. While many young individuals today delay home loan applications, owning property remains a crucial financial goal.

In the recent past, credit has...