Sunday, October 4, 2009

Misuse of credit card- an economic blunder?

Hi friends, continuing my earlier discussion about the economic blunders which made millions of our fellow human beings income less and home less, to day I would like to high light the role of credit cards in spoiling the game. I feel, massive misuse of credit card for purchasing products and services well beyond our capacity has contributed its share in weakening the economy especially in countries like America where credit cards were issued on easy terms. Still I am not convinced about the wisdom of bankers who have issued as many as ten credit cards to a single person without verifying his credit score or financial back ground thoroughly. As long as things were moving smoothly, multi credit card holders were balancing the show of credit card bill payment but they were unaware of the fact that they were digging their own graveyard. In spite of the repeated warning from many quarters, we failed to anticipate the bleak economic future and continued our unhealthy economic activities and the resultant world economic crisis was inevitable. The impact of the economic turbulence was less in countries like India, where credit cards were issued strictly on repaying capacity of the individuals.


Chubskulit Rose said...

I totally agree with you. Credit card is great cheat because of the high interest rate. That's one of our goals this year, paying off our credit card debts and I am glad we're almost done. Thanks for the informative post.

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josie said...

I agree, I was once got hooked using my credit card, but because of the high interest rate, I feel cheated, so today if I'm going to use it I'll just make sure it's just for an emergency expenses.
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Central004 said...

The discussion about the economic blunders is very good article. I Like this.

Sadia said...

It was seemingly the right thing to do as long as the going was good ! What ensued is a nightmare!
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