In the US and Europe, people have a bitter experience with the plastic card and now they started thinking about it. Now we the Indian are going crazy about it, go and get a credit card sometimes for a passion, buy the non necessary items also on credit, use the card for withdrawing cash from the ATM's. Only when the statement comes with a heavy charge they will understand repecussion.
RE:RE:more and more trapped in credit cards
by Vikas Vadgama on Jul 18, 2007 03:54 PM Permalink
I think credit card is a nice thing only if used in wise manner. I am using credit cards since last 2 years. Though my banker gave me a credit limit of Rs.25000, I requested and reduced it to Rs.10000 so that even if some fraud happens on my card, it will be to a limited extent. Secondly, I prepare my bill cheque carefully. Read the amount atleast 3 times to avoid even a Re.1 short (As the case mentioned in this article). I never withdraw cash through credit card as this is the worst part of credit cards and charged at exhorbitant interest rates. I only shop for monthly groceries & households and occassionally, clothes through credit cards. Rest of the things I buy through cash only. Last but not the least, I restrict my credit card bill to a limit which I can pay. If any month I shop for Rs.4,000 to Rs.5,000 I stop using card till the bill is generated.
