Why so much negativity in media over credit cards!

[RAMESH BABU N]

Forget about CCs....

My grandmother was aghast... when I took a STAFF vehicle loan to buy my Rajdoot AC123 motorcycle, back in 1980 in PNB, on softer terms and conditions. Remember it is a Staff loan. She was the MOST UNHAPPIEST PERSON on that day on this planet. She never ever saw/experienced a loan in her life. I was the first one in our family. My father too, luckily, never took any loan - even a staff loan. Since those days .... to this day .... I have seen all the stages of consumer financing and risks and inducements.

 

[Vasuki]

How a credit card pandemic is gripping India

Just a decade ago, credit cards were a rarity, with stringent eligibility criteria. From two crore in 2011 to 10 crore in 2024, the number of credit cards issued in India has seen a phenomenal jump. With it has risen the spend on credit cards and the defaults. Now, India is facing a credit card...

www.indiatoday.in

Article published just few hours back by india today ,
Scary pic of a credit card monster hovering over an innocent shopper,
Using words like pandemic(too soon after covid) ,nightmare ,perilous path of debt and financial distress,
Telling stories of 3 individual who were not financially responsibile ,ended up spending beyond their means, but now playing victim card
Trying to confusing general public with big numbers

And just demonizing credit cards all together.

These ppl who grew up in days of socialist india.
Who saw gov intervention in everything .
There was no exponential growth in country hence becoming rich in span of few year was out of questions
Financial awareness was bad & is rn too
Due to stock market scam in 1992 & 2-3 stock downfall ..there was notion that quick money making lets you to depression..


There were numerous kings who spent more than they owned so what ? All kings were irresponsible with money bullshit argument

if 5 lakh earning parents son ,gets 10 lakh job in Bengaluru & now trying to maintain 20 lakh lifestyle in quick span is destined to be dommed ..

 

[HumorSimpson]

Forget about CCs....

My grandmother was aghast... when I took a STAFF vehicle loan to buy my Rajdoot AC123 motorcycle, back in 1980 in PNB, on softer terms and conditions. Remember it is a Staff loan. She was the MOST UNHAPPIEST PERSON on that day on this planet. She never ever saw/experienced a loan in her life. I was the first one in our family. My father too, luckily, never took any loan - even a staff loan. Since those days .... to this day .... I have seen all the stages of consumer financing and risks and inducements.

well said. Just shows how consumption have changed.

 

[Vasuki]

Forget about CCs....

My grandmother was aghast... when I took a STAFF vehicle loan to buy my Rajdoot AC123 motorcycle, back in 1980 in PNB, on softer terms and conditions. Remember it is a Staff loan. She was the MOST UNHAPPIEST PERSON on that day on this planet. She never ever saw/experienced a loan in her life. I was the first one in our family. My father too, luckily, never took any loan - even a staff loan. Since those days .... to this day .... I have seen all the stages of consumer financing and risks and inducements.

Its was all nehruvian socialist policy & indra
" Roti kapra makan " slogan .
We got behind in doing LPG Reform...

Its about the society situation we grow in .its not their fault sometimes its collective socity makes u think .. unless u have view unbiased of your own

 

[HumorSimpson]

@DocFixIt - read the thread from the start please.

 

[Saiv]

I learned a lesson when I was xploring phonepe app and I clicked on add money to wallet option and prefilled amount of 1550 was ticked
And I accidentally clicked on kotak credit card and transaction gone through within a sec
( I was not able to cancel transaction)
Was charged 30 rs
Felt bad for 3-4 days
After that I keep my cc off and only on when I want to transact and I always pay when I made a payments
So no worries of bill due or late payments charges



Credit card is a good thing but only till you respect it
Once u start abusing it
It's a nightmare

What About Otp?

 

[credit geek]

As someone who uses credit card really long ... I have seen a significant shift in credit card issuance. Payslip and workplace verification was must earlier. Today it's not anymore. It was impossible to get a cc without a regular stable job. Today its possible. From banking perspective, credit card is an unsecured loan. So regulator should monitor systemic risk if there is a significant rise in revolving credit or default loan. That's regulator's primary job. Remember even a secured loan crisis like homeloan caused last global financial crisis. From user perspective, we just need to remain responsible.

 

[Lobogris]

I think most will agree that we haven't disclosed our number of credit cards to our parents..

Why would anyone be afraid of disclosing credit cards to parents? Don't live under their shadow once you are an adult.

 

[HumorSimpson]

Why would anyone be afraid of disclosing credit cards to parents? Don't live under their shadow once you are an adult.

May be she meant in laws too.

 

[Lobogris]

Meanwhile between me and my Parents, we hold close to 50 cards and my Parent's cards are 30+ years old.

Talk when you have 50 of your own!

 

[Lobogris]

May be she meant in laws too.

Even then. In any case, people need to live independently.

 

[plastikman]

Talk when you have 50 of your own!

I already hold 22. So maybe a year or 2 more to reach half century myself 😁

 

[Lobogris]

I already hold 22. So maybe a year or 2 more to reach half century myself 😁

Waiting eagerly. I am stuck at around 25 myself. Don't think I can add many more. Do you have a list posted somewhere?

 

[plastikman]

Waiting eagerly. I am stuck at around 25 myself. Don't think I can add many more. Do you have a list posted somewhere?

Yes, it is there in the about me in my profile.

 

[Lobogris]

Yes, it is there in the about me in my profile.

Great collection. Why did you close the SC SVT?

 

[plastikman]

Great collection. Why did you close the SC SVT?

Thanks. At that point in time (in 2020) I didn't find it as worthy. And I was more into collecting LTF cards 😅

 

[doraemon]

What About Otp?

In Bajaj app and phone PE app kotak credit card OTP is self filled when it comes (kind of autofill)
I got less than one second to cancel transaction
And it went through

 

[Vasuki]

Agree . Perfect, these days I too stopped following news. @DocFixIt profile feed is enough for me to know whats going on in the world now.

Sneaky😎

ve seen my friends being harassed by Bajaj finance people for emi Payments on personal ,losing money in mutual funds by not so good fund managers ,Insurance companies refusing reimburse hospital bills or fixing accident veichles ,

Irresponsible are not given respect..
Those agent certainly behave badly.. thats something in low income society

Key word here is Self Control...
It works everywhere. Both there and here as well.

True in every regards .
If you can't control ..things will control you

learned a lesson when I was xploring phonepe app and I clicked on add money to wallet option and prefilled amount of 1550 was ticked
And I accidentally clicked on kotak credit card and transaction gone through within a sec
( I was not able to cancel transaction)
Was charged 30 rs
Felt bad for 3-4 days
After that I keep my cc off and only on when I want to transact and I always pay when I made a payments
So no worries of bill due or late payments charges

I would say .if you don't exercise please do it .
Nerve reflex is best control human can have..
For sec timing ..its all about emotions..if u see it as convenience postive emotions & negative in ur case

 

[Vasuki]

just Financial tool that helps in life ,and peoples mentality won't chage untill media outlets continue with their fearmongering like this ,

The reason why USA has some of the best card offerings in the world is because of the mass adoption of Credit Cards ,

As for meteoric rise ,it's just people realising the benefits and convenience of Credit Cards while companies promoting it and while eligibility criteria is easing ,it's bound to happen sometime

Don't compare with usa ..
They have simply more money hence more lending..
Our banks don't even lend well..

& Cc offering to low middle class ppl they do so much ghosting after using it ..if u go into tier 2-3-4 city u will meet defaulters enjoying & sharing as if they won Pan parag best actor award

 

[kshitij_0]

How a credit card pandemic is gripping India

Just a decade ago, credit cards were a rarity, with stringent eligibility criteria. From two crore in 2011 to 10 crore in 2024, the number of credit cards issued in India has seen a phenomenal jump. With it has risen the spend on credit cards and the defaults. Now, India is facing a credit card...

www.indiatoday.in

Article published just few hours back by india today ,
Scary pic of a credit card monster hovering over an innocent shopper,
Using words like pandemic(too soon after covid) ,nightmare ,perilous path of debt and financial distress,
Telling stories of 3 individual who were not financially responsibile ,ended up spending beyond their means, but now playing victim card
Trying to confusing general public with big numbers

And just demonizing credit cards all together.

There is no need to demonize credit cards. It's already a demon for most of the people. 95% of general public will lose money because of CC. That's the whole idea behind credit cards from bank's perspective. Those people are the the main source of earning for banks.

It's just that we are smart enough to extract money from the banks.