Back in the 1960s, 1970s and even the 1980s, people lived a credit free life. There were no credit cards, no vehicle loans (not many owned cars anyway!) and no home loans – the business class and the richer sections of the society were the ones who could afford to build their own houses early in life. Many of the middle class and upper middle class people stayed in company provided/rental accommodations during their working years and used the PF/gratuity/terminal benefits to buy a house of their own on retirement.

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