Credit card debt? Don’t drown! 5 life jackets to save your finances

Credit card debt? Don’t drown! 5 life jackets to save your finances

Credit card debt presents a dual challenge for both consumers and the economy, particularly during adverse economic conditions. High payments towards credit card debt reduce disposable income, leaving fewer funds for necessary expenses and discretionary spending. Consequently, this can dampen overall consumption and hinder economic growth. The ensuing financial stress can weigh heavily. Debt often … Read more

RBI’s credit card curbs are a classic case of ‘prevention is better than cure’

RBI’s credit card curbs are a classic case of ‘prevention is better than cure’

The Indian economy has been doing well, with three consecutive quarters of 8%-plus growth so far in FY24. During this period, the banking sector’s credit growth has increased nearly 17% to ₹160 trillion, according to data from the Reserve Bank of India (RBI). Credit card debt has risen by 23% to ₹2.5 trillion, which is … Read more