Why so much negativity in media over credit cards!

[Swastik]

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

It's 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

 

[doraemon]

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.

Yes I read that thread in desidime

 

[SSV]

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.

A ( Shubham ) for him

 

[techt]

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

Many don't pay their CCs in full. Living in deep debts are the norm. So, the interests, charges etc from those people can be passed over as rewards.

 

[Swastik]

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

Like any other tool ,Financial or otherwise, it needs some discipline and responsible approach

The examples in the article ,
One guy bought a TV ,a Laptop and a Mobile on his 1st card of 1.5 L limit
Another guy who was not able make ends meet in Mumbai on the salary of his first job bought an Iphone

Irresponsible ,Indisciplined people can screw up any how

 

[bigbyte]

I think that the author of the India today article is a victim of Axis Bank Atlas credit card fiasco.
Ya phir, he was charged heavy interest on credit card borrowings.
The article is his way of revenge.

 

[doraemon]

Like any other tool ,Financial or otherwise, it needs some discipline and responsible approach

The examples in the article ,
One guy bought a TV ,a Laptop and a Mobile on his 1st card of 1.5 L limit
Another guy who was not able make ends meet in Mumbai on the salary of his first job bought an Iphone

Irresponsible ,Indisciplined people can screw up any how

So true
Discipline is the 🗝️

 

[Dragon_slayer]

If the media is spreading negativity about something then just know that the reality is opposite.

 

[plastikman]

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.

It is a syndrome similar to getting into a prestigious university after slogging for so many years and clearing endless entrance tests. The moment they enter a college of choice, all goes haywire and I have seen many failing in multiple of subjects.

Likewise after completing such a professional course, when someone lands up in their 1st job, the prospect of financial freedom along with accessibility to one's 1st credit card viz. Salary account, makes many behave irresponsibly.

While the above article isn't applicable to seasoned CC junkies like us, but there are many who do land up in a soup due to their financial immaturity. They are enabled to purchase goods that they might not be able to purchase ordinarily but when it comes to payback they face the reupurcussions.

Also, dependece on credit has definitely increased post Ching Chong flu.

Anyway, let's keep minting and profiteering from the CC dividents 😀

 

[RAMESH BABU N]

Nothing new.

I have seen a number of such write ups on multi fold increase of two wheeler loans, car loans and even on 1BR n 2BR flats. Even SSI lending, AGRI lending, loans to poultry, tractors, fertilizers, pesticides..... Plastic water bubbles, plastic carry bags... What not...

Each new batch of students coming out of a few prestigious journalism colleges has to do internship. Many do a cut-n-paste-job on such topics.

We can IGNORE the tone n direction. But, pick up some nuggets of facts n figures.....

 

[iamdhamo]

Credit card is double edged sword. Hence media will use it for their trp and promotions. Still few people are not buying the product cos they might self control in buying things and for them these articles might sound 100% what they think is right

 

[iamdhamo]

Also the 2K generation people don't believe in saving and buying. They first buy what they want in émis n repay. Adrenaline rush is more in younger people n so it's conquered by credit products

They simply miss the happiness of saving money n buying the thing they want after a waiting period which applies for previous generation

 

[techt]

Every one has their own opinion on CCs.

"Credit Cards are like pokemon cards. Catch `em all" - @plastikman
"Credit Cards are like disposable syringes. Get a new CC , enjoy the welcome benefits and throw it away. Aapko gabrana nahi" - @DocFixIt


But at the end, Credit is a liability and CC is a payment tool. Nothing to boast or frown.

If you ask me,

CCs are like underwear, just use the right fit n comfort ones.

Its really funny how some people boast about their CCs. Going to looong verbal fights here.
It is like fighting that my Jockey is better than your VIP. My naada cheddi is better than Levis.
This is a matter of aaraam (comfort) not for sangram (confront).

 

[Swastik]

Also the 2K generation people don't believe in saving and buying. They first buy what they want in émis n repay. Adrenaline rush is more in younger people n so it's conquered by credit products

They simply miss the happiness of saving money n buying the thing they want after a waiting period which applies for previous generation

Yup ,instant gratification is very common in this generation,
patience is a rare virtue these days

 

[Swastik]

@OverdosingOnCopium where did you disappear

 

[plastikman]

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

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

 

[techt]

@OverdosingOnCopium where did you disappear

Let's see if you or someone can guess the answer from the above meme.

 

[techt]

While the above article isn't applicable to seasoned CC junkies like us, but there are many who do land up in a soup due to their financial immaturity. They are enabled to purchase goods that they might not be able to purchase ordinarily but when it comes to payback they face the reupurcussions.

Some self proclaimed Warren Buffets might have gone great length of loaning amount in p2p apps and rotate .
Just a delay in few days of amount credit, the p2p app would have slapped a bazillion time fines.

 

[plastikman]

Some self proclaimed Warren Buffets might have gone great length of loaning amount in p2p apps and rotate .
Just a delay in few days of amount credit, the p2p app would have slapped a bazillion time fines.

Very risky business.

 

[techt]

Very risky business.

Arindam bhaja Govindam.

Typically their calculations be like,

15% interest on p2p, 24% reward on magnus, re-sell at 20% and profit is 5%.