It was a quite a funny & good experience today for me. As always I pay my Credit Card Dues before they become due. so when I went to pay my dues using my Bank(DBS) website. While paying the dues, in the To Pay From Account it included the Credit Card Account as well :) ..So that means I can pay my credit card dues using my credit card itself !! ..Great idea by these credit card companies to facilitate people to clear their dues( or get more deep into debt) !!..
I know this Credit Card debt thing is more in Developed countries(as I heard & read on websites). But it is soon catching in India too ..Lot of people use lot of credit card & pay fine till they realize that its not good for them in long term
Recently i have been following a good blog on Personal Finance & it really gives good insight about managing money in a better way ... http://www.thesimpledollar.com/
2 comments:
At least in India, the credit card debt is turning into some sort of a social problem. Especially with the young, affluent ITES workers who get loaded with many cards. Often when one uses something without real NEED for it (like a traveling executive), it tends to get wasteful.
I know cousins who are taking a personal loan to repay card debts!! The load seems very less (just 2000 bucks a month for 24 months) but adds to a lot.
We need more education on this and Banks are not helping :-)
Yes, that's a controversial issue... You do not know whether your creditor wants to provide you with more facilitates or just usues them to earn more money on you. Never forget that all credit card companies are self profit and they live at the expense of you in this way or another.
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