“Congratulations! Credit card with a limit of 5 lakhs has been sanctioned in your name” – these sort of messages fill my mail inbox every second day. I wonder how and why because never in my life I have applied for a credit card. Reason – I dreadfully fear Credit Cards. Why – As a person who has been closely associated with collections department of personal loans and credit cards I come across people who often complain about the exorbitant rate of interest that burdened them and I must say they are right.
Ok, lets talk about the positives first before discussing about how Credit Cards could hamper the balance of accounts or even the mental peace. With the advent of plastic money – Credit Cards, life has certainly become easy. How?
- Easy to carry.
- No need of immediate liquid cash.
- Status symbol : Silver, Gold, Diamond (not…
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