Credit cards: boon or bane
SWIPING A card to the maximum credit limit and paying the minimum due is a good revolving concept. The plastic card is indispensable and invaluable for customers who plan their purchases and make payments promptly. But if one defaults for more than two years, statements are sent to office address mentioned by the card-holders. In some cases, the statements continue to bombard the mailbox even after one has quit the company. In our office, these statements end up as one-side writing stationery and dining sheets. As per the recent statistics on loans and debts recovery, several thousand crores are written off as a result of long pending cases when the whereabouts of the cardholders are untraceable. This has given an employment boom in call centres, which follow up the payment dues. Since there is no rigorous checkpoint for debts recovery, I feel credit card is a boon to the defaulting absconders and evaders because it tempts to make purchases, not payments.
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