May 11, 2009 02:39 PM
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There is no doubt that Credit Cards has lot advantages but one should use these plastic cards carefully and seriously. When you start using credit cards you won't feel pinch of spending. There is lot of difference when you spend by cash than swiping your credit card. Credit Card debts do not happen in a single swipe. It is a cumulative effect.
We start ignoring full payments and just pay the minimum amount to be paid. If you swipe for 5000 Rs and start paying only minimum amount per month then it takes 5 years(60 months) to clear your 5000 Rs. If you are using credit cards then make use of it rather making your life difficult.There is a Big Boss called CIBIL watching your all credit transactions.
They keep all out credit history. On the basis of out credit history banks will decide whether they can lend money to us or not. Lower the credit scores lesser the chances of getting loans. If your name goes into defaulters list then imagine that you are in jail for 7 years(CIBIL takes 7 years to remove your name from the defaulters list).Today all banks using this CIBIL credit scores to decide Loans, New Credit Cards even some employers look your credit scores before hiring you.Finally I would like to make a point that use credit cards but see to that you use them for your advantage rather making trouble for yourselves.
