Its festival time and all of us are besieged with exhortations to Buy! Buy! Buy! with discounted deals and “Buy now Pay later” schemes making it easy on the pocket. Credit artificially expands the amount of money available and reduces the “pain of paying”. This pushes people to satisfy their innate desire for instant gratification which is beautifully explained in this short 90 second video from behavioural economist Dan Ariely of “Predictably Irrational” fame (https://vimeo.com/62116854 ) . My article in Business Standard on the Double AA framework for differentiating between Good loans and Bad loans and how you can use the “Pay now Buy later” strategy to savour the joys of delayed gratification. Read more..