The Debt Trap ~ I

Over four decades ago, the most popular retail banking product was the pygmy deposit account. Housewives would scrape together a few rupees everyday and give it to a savings collector who would visit their homes. The money collected was deposited in a bank account that paid interest and was insulated from the daily demands of life. Depositors squirreled away a decent sum by the end of the year. The simple motivation was: Save money even if it is only a few pennies at a time. This was a sure way to build wealth