The Default rate for Indian banks is on ascent, and the gravity with which the over-ambitious salesmen are meeting the targets, the quagmire is just at the arm's length.
The problem may not be that herculian as was in US sub-prime crisis but the nature and extent of the problem is grave nevertheless!!
The Default rates of the credit cards has been rising meteorically, as people succumb to taking (buying I should say) never to be used credit cards, and spoil their credit history just in want of processing fee, for something they never used or wanted to use! The lack of complete information and the hidden charges seem to be ignored by the ombudsemen and the users alike.
People keep on migrating from one form of base metal to other (Silver- Gold - Platinum), leaving behind their unattended lesser cousins , and swaying or swapping with their new found freedom, and lost independence(Whatever!!)... As people start managing their 'Due Dates', alarms & reminders on cellphone , the omissions are common ... If god forbids The Buzz goes off unattended, the guilt (history) adds, and you end up paying a hefty interest!!
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Original Thoughts,
Bablish Raj Joshi
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