New Delhi, Dec. 9 -- As the year-end festive season approaches, many people feel stressed about stretching their budgets for celebrations and gifts. With seamless digital disbursal of personal loans and approvals becoming commonplace, these personal loans often appear to be a comforting solution.

Still, what is important to understand is whether borrowing for year-end festive gifts and non-essential expenses is financially wise. Here is a fair assessment of the same.

The country is witnessing a surge in consumer credit. This is primarily driven by simplified KYC, application-based lending institutions and instant disbursal of personal loans or credit cards, provided basic eligibility criteria are met.

These developments have holistical...