When we were young taking money from someone.....was considered a liability,loan, Karja.....not considered very good and it was taken only in the dire need or really bad circumstances. Whatever we wanted to have in life.....needs or wants....for both we were taught to save and then buy. and Credit was a complete no..no...for wants, it cud be indulged in only for needs.
I remember that this lesson was so well ingrained in my mind that i never even took grocery on a monthly payment,which was the norm in our locality, always paid immediately for anything or everything.
Then the times changed and CC came into existence, we were followed incessantly by people (banking) to take their CC, and initially I took one from BOB, but didnt like their system, once the deducted the yrly fee whereas the card I am yet to get and then that mental phobia, which was strengthened by many stories i heard from my friends of getting false statements and then having to pay some settlement and all that.I always prefer Debit cards.
And today the times have completely changed, everybody must have multiple cards.....sort of status symbol, then sometimes to keep up with the zoneses over spending is done, then the payments are done by circulating the cards and ultimately one is in a mess.I have been reading many cases in magazines, where CC........easily available money distorted the vision of many, and tempted them to buy luxuries.
I always say our old Indian way of life.....that is earning first and spending afterwords was and is much better than this new concept where u spend first and then earn.becuase then earning is the projected one, not real, and life can never be predicted in advance.And if anything changes the pattern, it becomes a vicious circle. In laymen's language( sorry Rebel:) this is what is the reason for this sub prime effect which is going to bankrupt ..dont know how many......
I know that i am an old fashioned person and life cant move today without credit cards, we must move forward with the paper money and all that,but I think there must be a limit to the no. of cards one can take and then total limit for the spending, these companies get greedy in the beginning ,for increasing their customer base and numbers game but later on everyone is the loser, the percentage of interest charged is very high and not in the interest of consumer.
IT IS LIKE SCIENCE---IT IS A GOOD SERVANT BUT BAD MASTER.
I remember that this lesson was so well ingrained in my mind that i never even took grocery on a monthly payment,which was the norm in our locality, always paid immediately for anything or everything.
Then the times changed and CC came into existence, we were followed incessantly by people (banking) to take their CC, and initially I took one from BOB, but didnt like their system, once the deducted the yrly fee whereas the card I am yet to get and then that mental phobia, which was strengthened by many stories i heard from my friends of getting false statements and then having to pay some settlement and all that.I always prefer Debit cards.
And today the times have completely changed, everybody must have multiple cards.....sort of status symbol, then sometimes to keep up with the zoneses over spending is done, then the payments are done by circulating the cards and ultimately one is in a mess.I have been reading many cases in magazines, where CC........easily available money distorted the vision of many, and tempted them to buy luxuries.
I always say our old Indian way of life.....that is earning first and spending afterwords was and is much better than this new concept where u spend first and then earn.becuase then earning is the projected one, not real, and life can never be predicted in advance.And if anything changes the pattern, it becomes a vicious circle. In laymen's language( sorry Rebel:) this is what is the reason for this sub prime effect which is going to bankrupt ..dont know how many......
I know that i am an old fashioned person and life cant move today without credit cards, we must move forward with the paper money and all that,but I think there must be a limit to the no. of cards one can take and then total limit for the spending, these companies get greedy in the beginning ,for increasing their customer base and numbers game but later on everyone is the loser, the percentage of interest charged is very high and not in the interest of consumer.
IT IS LIKE SCIENCE---IT IS A GOOD SERVANT BUT BAD MASTER.
