Why so much negativity in media over credit cards!

[Riya]

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.

We are crossing them in numbers bcoz we are almost 4 times their population... And soon in few years we'll see news that credit card defaults at their highest since they started...
We are a generation who is spending 365 days a year with the advent of ecommerce which has helped fueling this unnecessary debt...
You can say it's also kinda bubble just waiting to burst

 

[Vasuki]

We are crossing them in numbers bcoz we are almost 4 times their population... And soon in few years we'll see news that credit card defaults at their highest since they started...

Why would there be default . We are growing country and less depending on gov ..
Only 5 % take cc in this country ..
Certain % of ppl do default...

Usa is becoming more socialist than russia .
They gave too much fee money
+ Their unaffordable medicine & expenses .

They can print money hence they were safe

 

[Cc_creditguy]

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

So true just for show off

 

[Vasuki]

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

Same thought her grandmother had for @RAMESH BABU N .
BUT i guess he turned out fine .
We always downplay next gen

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.

 

[Riya]

Why would there be default . We are growing country and less depending on gov ..
Only 5 % take cc in this country ..
Certain % of ppl do default...

Usa is becoming more socialist than russia .
They gave too much fee money
+ Their unaffordable medicine & expenses .

They can print money hence they were safe

We are a developing country - True
USA is already developed for decades and their debt pile is at it's peak currently...
But keep in mind that in last few years we are saving less and spending more...
Earlier loan used to be taken for assets but now loan ( credit card) is taken for liabilities....
It's my opinion....

 

[OverdosingOnCopium]

@OverdosingOnCopium where did you disappear

still here, any questions?

 

[OverdosingOnCopium]

It seems like some mod deleted my message

 

[OverdosingOnCopium]

Why would there be default . We are growing country and less depending on gov ..
Only 5 % take cc in this country ..
Certain % of ppl do default...

Usa is becoming more socialist than russia .
They gave too much fee money
+ Their unaffordable medicine & expenses .

They can print money hence they were safe

USA
>Socialist

You're delusional.

 

[Vasuki]

USA
>Socialist

You're delusional.

Check at their social security spending .. . maybe dillusion will fade

 

[sidp]

USA
>Socialist

You're delusional.

You shouldn't just hear what someone says. You need to look at how they behave.

Many US policies are socialistic (though actual motive behind those moves aren't socialistic, just like in india).

Look at how they are handling illegal immigrants, all the things that happened during and after covid: they give free money to certain group of people, stimulus cheque, forcing homeowners to pay for emi& utility but letting them charge rent etc.

In true sense, no one is socialist. More anyone claim to be socialist, more they are egotist and nepotist. In My life I've seen only one exception.

 

[Swastik]

still here, any questions?

Nope just good to see you

 

[Swastik]

It seems like some mod deleted my message

Ahh , i see

 

[techt]

My life I've seen only one exception.

Whats that ?

 

[sidp]

Whats that ?

Biju Patnaik. Totally different from other socialist .

He kept his family away from politics. All his children are highly qualified. He had money but lived simple life. A real dare devil unlike these cowards.

After his death, the party forced Naveen patnaik(who was their last choice 😂) to join politics saying party will be divided and congress will take advantage. Now he is 2nd longest running cm.

 

[plastikman]

Biju Patnaik. Totally different from other socialist .

He kept his family away from politics. All his children are highly qualified. He had money but lived simple life. A real dare devil unlike these cowards.

After his death, the party forced Naveen patnaik(who was their last choice 😂) to join politics saying party will be divided and congress will take advantage. Now he is 2nd longest running cm.

But Pandian doesn't seem to be a good candidate to take his place 🙂

 

[Vasuki]

But keep in mind that in last few years we are saving less and spending more...
Earlier loan used to be taken for assets but now loan ( credit card) is taken for liabilities....
It's my opinion....

Thats heard mentality/ saying .

Yes we live in Family hence saving not like gipsse
Having gold at home is not saving as something to cherish..oh we were savers..
That time we were having food insecurity..

 

[Lobogris]

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

My SC SVT is LTF as I hold their premium or priority account. Still not that useful.

 

[narun2001]

This was a very nicely written article that was published in The Print last year. Quoting from there.

The Sunday Express in July reported that, based on Right to Information data it had obtained from the RBI, it had found that credit card delinquencies had grown 30.5 percent in 2022-23 as compared to their level in the previous year.

Over this period, total credit card loans grew about 30.9 percent, which means defaults were growing as fast as the loans being given out.


It is important to note that credit card defaults make up only about 2 percent of total credit card debt, so they don’t yet pose any systemic risk to the banking sector. However, the RBI has taken note of the rise in unsecured lending – of which credit cards are a part — and has reportedly asked banks to cut back on giving out unsecured loans.

 

[Swastik]

This was a very nicely written article that was published in The Print last year. Quoting from there.

This looks like a well worded article ,no fearmongering ,just facts and numbers showing big picture ,well put

 

[Zacobite]

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

There are al

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

nice.. mine is 23 yrs old.. old. enough to be...