Credit card debt doesn't just skew family budgets: it triggers a cascade of humiliation and anxiety, causing a massive household crisis. The frightening nature of plastic debt underlines the need for financial awareness and stringent regulatory frameworks.
* There's a lack of financial literacy in both rural and urban areas and there's also a gender divide.
Subhasis Gangopadhyay, founding dean of Indian School of Public Policy.
* It was incredibly hard on my family; for all of us, it was a constant struggle to keep life on track
amidst the stress and chaos.
Kirankumar Shetty, businessman.
* Credit card defaults rose to Rs.4,072 crores at the end of Mar 2023, according to the RBI.
* Outstanding credit card debt reached Rs.2.10 lakh crores in Mar 2023, up from Rs.1.64 lakh crores
in Mar 2022.
* Credit card defaults have risen by Rs.951 crores in FY 23 from Rs.3,122 crores in FY 22.
* A study by TruBoardPartners noted that the amount outstanding on credit cards nearly quadrupled
from FY21 to FY 23, while transaction value doubled.
Courtesy. Sunday Express Magazine
Tailpiece.
Got up at my usual time, the chores and was ready by a quarter to 10.
The maid had come by on work.
Readied up for shifting to the hotel tomorrow, for this week.
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