In today’s consumer-driven society, credit cards have become an essential financial tool. While they provide convenience and flexibility, they can also lead to significant debt if not used wisely. Failing to pay credit card bills on time can create serious financial problems. Let’s explore effective strategies for managing credit card debt and regaining control over … Read more
As you sit at your desk, dreaming of your upcoming holiday in Singapore, you’re excitedly planning your itinerary and envisioning stunning sunrises and warm sunsets. However, when it comes time to sort out the finances, you realise that securing a personal loan from the bank may not be possible. This can be frustrating, especially when … Read more
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
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