Why so much negativity in media over credit cards!

[Swastik]

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.

 

[Swastik]

And this is not the only one ,every now and then I'll come across an article criticizing credit cards like this

I don't see any other Financial instrument getting so much hatred as credit cards

 

[Swastik]

Jews are the reason

I don't get it ,is that a reference to something ?

Or just general antisemitism!

 

[Swastik]

Fintech question: Why is the credit card still around?

The credit card has high bank fees, isn’t a tech marvel anymore and is not safe either. So why isn’t it dead?

www.livemint.com

Also check this out

 

[techt]

During Magnus days, these media glorified CCs.

PS: Add Creditcard to your thread title.

 

[SSV]

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

And overall just demonizing credit cards all together.

Fintech question: Why is the credit card still around?

The credit card has high bank fees, isn’t a tech marvel anymore and is not safe either. So why isn’t it dead?

www.livemint.com

Also check this out

Media needs some news,
if there is no news they will create it based on their imagination skills..
after all they also need to survive in the market , journalists need to feed their families as well

The more sensational, the better revenue for them ..

There is no true journalism exists in the entire world now..

Take it easy, don’t read too much into it.
Just apply some common sense, with respect to any news you read in the news papers these days.

 

[Swastik]

Just general antisemitism

Got it ,no comments

 

[Swastik]

During Magnus days, these media glorified CCs.

PS: Add Creditcard to your thread title.

Edited title, not able to edit thread

 

[techt]

Media needs some news,
if there is no news they will create it based on their imagination skills..
after all they also need to survive in the market , journalists need to feed their families as well

The more sensational, the better revenue for them ..

There is no true journalism exists in the entire world now..

Take it easy, don’t read too much into it.
Just apply some common sense, with respect to any news you read in the news papers these days.

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.

 

[techt]

@Riya why did you delete your post. It had valid points.

 

[Swastik]

Media needs some news,
if there is no news they will create it based on their imagination skills..
after all they also need to survive in the market , journalists need to feed their families as well

The more sensational, the better revenue for them ..

There is no true journalism exists in the entire world now..

Take it easy, don’t read too much into it.
Just apply some common sense, with respect to any news you read in the news papers these days.

I know but as I've mentioned before ,no other financial instruments are targeted as much as Credit Cards

I'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 ,

Yet Credit Cards are public enemy number 1 in financial world.

 

[Akash Topder]

These journalists automatically think that the whole world is financially irresponsible like those few cases.

 

[Swastik]

@Riya all opinions are wellcome

 

[Swastik]

Because of me ,3 of my friends got into Credit Card game from Scratch ,now each of them has 3-4 cards within 2 years ,Reaping Benefits and enjoying convenience

But with so much negativity, it's hard to explain to any new people my love for Plastic(or Metal) Money

 

[Riya]

Credit card culture is still in its nascent stage in India as compared to somewhat like USA where everyone is carrying multiple cards and that's considered normal...
Here in india, Credit card is considered as bad loan in our tradition...
I think most will agree that we haven't disclosed our number of credit cards to our parents..

Plus a meteoric rise in cards issued since 2020 is a matter of analysis...
So media is also creating a hype

 

[SSV]

Here in india, Credit card is considered as bad loan in our tradition...

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

 

[Zacobite]

t

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.

this is the bitter truth.. banks make money only when interest accrues.. mdr is not such a big source.. the writing may have gone overboard but the message is real and now. CCs are awesome if used intelligently and can cause ruin if indisciplined in usage.. i personally benefited a lot during a job loss phase with CCs and minimum dues.. but never missed a payment.. like we had in school essay.. boon or bane? always a perspective and different basis context,!!

 

[techt]

Credit card culture is still in its nascent stage in India as compared to somewhat like USA where everyone is carrying multiple cards and that's considered normal...
Here in india, Credit card is considered as bad loan in our tradition...
I think most will agree that we haven't disclosed our number of credit cards to our parents..

Plus a meteoric rise in cards issued since 2020 is a matter of analysis...
So media is also creating a hype

We are already crossing them if we consider millennials. What is normal in US wrt CCs is not paying CC bill in full, getting into deep debt traps.


That is Arindam Bhaja Govindam effect.

 

[doraemon]

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

 

[techt]

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

Consider yourself lucky. Let me tell you a tale from Arindam bhaja Govindam.
One (ab)user, booked some 30K hotel and later cancelled for 3K cashback. But the hotel, didn't refund stating some TnC.