By Dr (Prof) Pushpinder Pal Singh,

Punjab has seen debt before. Our state treasury was once emptied by political borrowing, and the interest still hangs over us like a dusty ceiling fan that never stops whirring. Now, a second storm is rising—not from governments, but from our own youth. Buy Now Pay Later apps, flashy migration loans, and the hunger to “show status” are pulling young Punjabis into personal debt.

It’s a cruel double bind: the state owes, and so do its children. Instead of inheriting prosperity, Gen Z risks inheriting instalments. What our grandparents fought against with blood and courage, we risk surrendering to quietly—with clicks and swipes.

A Question Every Youth Must Ask

Will you keep working just to pay for yesterday’s purchases?
Will you mortgage your future to impress people who forget your name tomorrow?
Or will you break this cycle—save, build, and own your dignity back from corporations that profit on your weakness?

The chains today are invisible, but no less heavy.

This is Not Just Punjab’s Story

Around the world, young people are caught in the same web.

  • In the United States, under-30s carry record credit card debt, with delinquencies rising.

  • In the UK, nearly half of 18–24-year-olds use Buy Now Pay Later services—often juggling multiple accounts.

  • In Australia, the government forced BNPL apps under national credit laws, with affordability checks and fee caps.

These aren’t abstract numbers. They are warnings. If freedom is being lost elsewhere through credit traps, why should Punjab be next?

The Psychology of Quiet Chains

Debt does not always roar; it whispers. A wedding paid with a loan. A Canada visa financed at 12% interest. A gadget bought on BNPL.

On Instagram, desire is turned into obligation. Suddenly, your worth is measured not by your honesty or your hard work, but by the EMI slip in your inbox. Debt pretends to be empowerment, but in truth it erodes self-respect. Nights are sleepless, shame is quiet, and every choice shrinks to: “How will I pay this month?”

Ask yourself: Haven’t you seen a cousin or friend already caught in this?

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Corporations Know Your Weakness

The apps are designed to be addictive. Multiple accounts, smooth rollovers, frictionless borrowing. Education and migration loans sound like opportunities, but for many they become chains.

It’s bitter irony: a generation dreaming of freedom is signing repayment contracts as if they were passports. The very tools meant to help us rise are pinning us down.

A Way Out Exists

See debt for what it is: not progress, but postponed cost. Not empowerment, but control by someone else’s rules.

Start small. Save. Even modest, regular savings create sovereignty.

  • Save ₹2,000 each month from age 22 at a 10% annual return → by 60, you have over ₹1 crore.

  • Borrow ₹24,000 for a gadget at 24% interest → you pay over ₹3,200 in interest. If that money was invested instead, it could grow into more than ₹11 lakh over decades.

Five minutes of pride today versus decades of freedom tomorrow. Which side will you choose?

Discipline is the New Rebellion

Buy what you need with the money you already have, not money you don’t. Let effort fund aspiration, not credit.

  • Build emergency funds—3 to 6 months of expenses.

  • Let compounding work for you, not against you.

  • Celebrate the joy of saving as much as you celebrate buying.

Remember: every rupee saved is a brick in your wall of independence.

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From Schools to Panchayats

Financial literacy must be as basic as learning to read. Schools, colleges, even panchayats should teach budgeting, saving, and the real cost of credit.

Why not celebrate debt-free weddings, or families that fund education without loans? Why not hold up the student who saved first instead of borrowing first?

Punjab has always valued izzat (honour). Today, being debt-free is honour.

History Speaks

The Ghadarites did not wait for permission to resist. Bhagat Singh did not wait for the “right time” to fight. They recognized chains and broke them.

Today, corporations offer chains not of iron but of apps and credit lines. Freedom is sold in instalments. Our act of defiance is simple but powerful: refuse needless loans, choose saving over swiping, and reclaim dignity.

The Role of Law

Australia has already capped BNPL excesses. India must act too—universal licensing, credit checks, affordability assessments, capped late fees, and easy dispute mechanisms. Punjab’s youth should not be left to the mercy of unchecked platforms.

But remember: law comes after awareness. Bhagat Singh didn’t wait for a court order to resist. Neither should you.

Imagine a Different Punjab

Picture a Punjab where:

  • Students boast about their savings, not their credit apps.

  • Families plan weddings with cash, not EMIs.

  • Communities celebrate debt-free milestones.

  • Every rupee spent is a conscious decision, every rupee saved is a statement of freedom.

Isn’t that worth striving for?

The Revolution Begins at Home

This fight is not with swords, but with choices. Every saved rupee, every avoided loan, every smart investment chips away at the corporate grip.

Punjab has led revolutions before. It can do so again. But this time, the battleground is financial. The chains are invisible, yet their weight is crushing. Compounding, saving, discipline, awareness—these are our weapons.

Our ancestors fought with courage. Now courage is as simple as saying: “No loan for pride, yes to freedom.”

The clock is ticking. The question is simple:
Will you live in instalments, or in freedom?

Professor (Dr.) Pushinderpal Singh is an academic and corporate leader with wide-ranging experience in management and public policy. He served as the Head of Management Studies at Punjabi University, Patiala, where he guided research and teaching in business strategy, governance, and organizational development. Beyond academia, he held senior leadership roles in the corporate sector, including serving as the Continent Head of Coca-Cola Africa. Drawing from both scholarly insight and real-world corporate management, Dr. Singh brings a unique perspective to the intersection of economics, governance, and society. His work reflects a deep commitment to understanding Punjab’s socio-economic challenges and contributing to meaningful dialogue on reform and resilience.

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