Opinion - Letters to the Editor   

Credit card menace

Sir, — The article, "The credit card generation" (Feb. 22), is timely because the youths the world over, lured by the fast emerging globalised lifestyle, are taking to credit cards in a big way. The basic principles of economics should be taught as part of education so that an awareness on the perils of depending on credit beyond one's means can be created. Wasteful spending is a crime against society and at times an avoidable aggression on nature. Any system that encourages it spells doom in the long run.

A.P. Govindankutty,
Cheruthuruthy, Kerala

Sir, — The teenagers have an almost fatal fascination for credit cards. Led by emotion rather than by intellect, the young are clearly exploited by credit card companies. Some of them take their lives while others seek illicit means to pay up their debts. Teenagers need to understand the importance of austerity and discipline in life.

N.K. Vijayan,
Kizhakkambalam, Kerala

Sir, — Banks, including the public sector ones, are targeting the student population for increasing their credit card business. The personal finance portfolio of banks in India is expanding at a frenetic pace. A few years down the line, the effect of the present thrust cannot be different from the British scenario poignantly brought out in the article. Should we wait for the worst to descend before rediscovering the good old Indian ethic of thrift?

Manohar Alembath,
Coimbatore, T.N.

Sir, — With everything made to look within their reach, credit card customers go crazy and blow their resources unabashedly. Banks offer the moon luring users with tempting deals. There is no end to their innovations. Most consumers do not realise that what starts as convenient credit at their doorstep can also end up with the appearance of menacing looking collection agents at the same doorstep.

M. Shankar,
Chennai

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