Credit cards. Even if you miss, you should not buy "these people".! Warning from anand Srinivasan.

In our country, the public, especially the youth, is now buying credit cards in large numbers. But they are not aware of the dangers involved. Meanwhile, famous economist anand Srinivasan has explained about credit cards and the problems they data-face.

In this era, if you start earning a little, someone will start contacting you and asking if you want a credit card.

Credit card

If you buy it because it's free.. that's it! It is very difficult to use a credit card in moderation. Once you get caught, you can never get out of its interest cycle. Meanwhile, famous economist anand Srinivasan has explained about credit cards and the problems they data-face. In this regard, Credit anand Srinivasan wrote on his YouTube channel, "An auto driver in Porur committed suicide due to debt problems after buying a credit card. I have spoken about this many times. It is shameful to think that even after our society has developed to this extent, life has been lost due to credit card debt.

Anand Srinivasan

First, he bought a TV. Then he bought a credit card first. Just like that,3 banks have given him credit cards. He has only paid only 3 lakh rupees. It is not clear what the credit card rules are and the situation is getting worse because compound interest is being charged.

Despite the Reserve bank telling him many times.. the banks are continuously calling him daily and torturing him. He was severely affected by this and committed suicide. Banks are crossing the line by saying that petrol banks are selling on the road. They give credit cards to people who are easily affected by the economy. In this, 3 banks have given cards to the auto driver.

Warning

They are creating a fake need that credit cards are a must. But they do not explain the problem with it. A person who earns Rs. 30 thousand a month has a card with a limit of up to 3 lakhs. How can this be?

This auto driver has studied only up to the 7th standard. He does not understand the credit card rules. He does not even understand how they charge compound interest. Many educated people get caught up in the credit card frenzy like this. In such a situation, how can they give such a loan to such people? Even the police say that there are many cases like this. We should not take loans on credit cards.

Don't be fooled

They lure people by telling them about rewards, airport lounge access, etc. Then they charge high interest. So, don't be fooled by this. "If credit card holders are unable to repay the loan, they can declare it as a bad debt and recover it. But the central government is refusing to do that. They are writing off loans worth Rs 10.61 lakh crore to industrialists. What can we say about this?" he said.