Welcom ! into the Credit Web.
April 19th 2007 14:32
Credit Card was one thing which i also wanted as most of my friend had.My Country,India had recently opened up its economy and there were very few Banks offering these pastic cards.As i had moved to a new town with no permanent addrees,the Banks would decline my application.After two years a guy approached and insisted to fill one form and after fifteen days i had my first card in my pocket.Since my friends had many so i also started aquairing more and after one year i had seven Cards in my wallet.
As i was not married then and had not any major expenditure to take care,i would foot the bills without realising what i was doing.I was unaware of financial discipline so i kept splurging. Impulse buying was the in thing,and i bought several things which were of no use after some time.Unfortunatelly i lost my job.And to keep footing the Bills i started withdrwing the cash too.Soon,i was out of cash.Perhaps The Bank got wind of it and offered a pre approved personal loan,which i availed.Without realising,i had fallen into debt trap.
I married and settled down and planned to wriggle out myself from this condition.It took me three years to wipe out my debt after paying almost four times the money i had actually used .
I know it was my fault and like me millions' indescretion.But the question is that can such a huge number of people could make same kind of mistakes.I know now that they make u commit the mistake.Their fine prints can only seasoned professional undertand.And as you owe them , they keep charging someting or other in some or other pretext.There were no clear cut guidelines from the government so if you failed to pay them,they would start tormenting you.They would send thugs at your home or workplace to embarrass you.And if you complain,they would completely disown them.Now,the apex court in its ruling has directed the police to record an First Information Report against the CEO of that respective Bank.
Now suddenlly they are willing to settle ; sometimes one fourth of the amount in many case.Recently a court asked the document from the Bank which said that the said person had purchased INR35000 worth of articles and had paid INR 54 thousand to The Bank,Still the Bank claimed that the said person has INR 35000 outstanding.
How these Banks have been luring Financially illiterate people will be disiscussed in my next post.
As i was not married then and had not any major expenditure to take care,i would foot the bills without realising what i was doing.I was unaware of financial discipline so i kept splurging. Impulse buying was the in thing,and i bought several things which were of no use after some time.Unfortunatelly i lost my job.And to keep footing the Bills i started withdrwing the cash too.Soon,i was out of cash.Perhaps The Bank got wind of it and offered a pre approved personal loan,which i availed.Without realising,i had fallen into debt trap.
I know it was my fault and like me millions' indescretion.But the question is that can such a huge number of people could make same kind of mistakes.I know now that they make u commit the mistake.Their fine prints can only seasoned professional undertand.And as you owe them , they keep charging someting or other in some or other pretext.There were no clear cut guidelines from the government so if you failed to pay them,they would start tormenting you.They would send thugs at your home or workplace to embarrass you.And if you complain,they would completely disown them.Now,the apex court in its ruling has directed the police to record an First Information Report against the CEO of that respective Bank.
How these Banks have been luring Financially illiterate people will be disiscussed in my next post.
| 31 |
| Vote |
Subscribe to this blog
