Credit Card.
@rameshkumaar57 (5908)
India
December 8, 2008 9:59am CST
Friends, today I got a call from my credit card company, stating that they are giving me a loan of Rs1,00,000($2,000), this is a regular thing and as usual I refused the offer, but today the telecaller was very insistent that I take half the amount, on further refusal, asking me to take at least Rs.25,000, with great difficulty I was able to cut her off. My question is when so many banks are going under, these card companies are recklessly offering money without any guarantee, why is it and how is it that these people have so much money with them,when other business people are struggling.
3 responses
@Pose123 (21635)
• Canada
8 Dec 08
Hi rameshkumaar, Credit card companies have helped cause the mess that most of the world is in today. They should not be allowed to continue in such a reckless way as it can only bring more problems. I would think that they have so much money because of the high interest rates that they charge. Blessings.
@rameshkumaar57 (5908)
• India
9 Dec 08
You are quite right Pose123, they are doing things very recklessly and their interest rate is some thing like 48%. But who is to bell the cat, in India the finance ministry is trying to do something, but because of the pressure from the multinational companies, they are not able to do much. Recently our courts are trying to reduce the interest rates of credit cards, I do not know whether they will have sucsed.
Thanks for the response.
@caver1 (1762)
• United States
8 Dec 08
My credit card will increase the credit limit on my card without my even asking. I do not use the limit since I could not pay it back right away. I am trying to get a loan from my bank and they said it would not take long, but it has been 4 weeks already. We have work we need to do on our house, and can't do it until we have the money. You have some trying to make you take the money and I'm begging for it. I won't use the credit card for the work on the house because the interest rate is too high.
@rameshkumaar57 (5908)
• India
9 Dec 08
I think the position in USA is quite bad, that is why they are not giving away any loans. If these credit card companies continue in the same way, the day is not far when the entire world population is going to be at the mercy of Visa, Master and Amex cards. But you have missed the point, the loan was based on my credit card and it carries a flat interest of 10% for three years, which means I will be paying a total of something like Rs.1,31,000, after three years at a monthly EMI of something like Rs.2,700. This is how these people cheat us.
Thanks for the response.
@sanjana_aslam (4187)
• Malaysia
8 Dec 08
hi ramesh,
now the credit card companies will try to attract more customer, as this will allow cash flow into their company when you are paying cash ... i believe so ...
the money that you are taking are normally not cash as you will be taking only "non physical" amount ...
cheers
@rameshkumaar57 (5908)
• India
9 Dec 08
In fact , I have just come home in the afternoon, and a courired cover was waiting for me,inside there was a nice, shiny and beautiful letter with a duplicate cheque for Rs.1,00,00 and asking me to get in touch with their office so that they can process the loan. This is the way these people tempt their customers and you miss one payment, they send their strong man to threaten us with dire consequences.
