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Taking loans to repay card dues is not smart

Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap

Tinesh Bhasin  |  Mumbai 

Banks are increasingly focussing on loans to individuals as credit demand from corporates has slowed. This has resulted in an unprecedented growth in personal loans and credit card outstanding year-on-year. Personal loans grew 27 per cent annually between August 2015 and 2016, according to data from Reserve Bank of India. Between August 2014 and 2015 growth was 20 per cent, and a mere nine per cent a year before that. Credit card outstanding has also risen. The annual outstanding on credit cards between August 2015 and 2016 grew 26.8 per cent. Between 2014 and 2015 it was 21.3 per ...

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Taking loans to repay card dues is not smart

Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap

Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap Banks are increasingly focussing on loans to individuals as credit demand from corporates has slowed. This has resulted in an unprecedented growth in personal loans and credit card outstanding year-on-year. Personal loans grew 27 per cent annually between August 2015 and 2016, according to data from Reserve Bank of India. Between August 2014 and 2015 growth was 20 per cent, and a mere nine per cent a year before that. Credit card outstanding has also risen. The annual outstanding on credit cards between August 2015 and 2016 grew 26.8 per cent. Between 2014 and 2015 it was 21.3 per ... image
Business Standard
177 22

Taking loans to repay card dues is not smart

Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap

Banks are increasingly focussing on loans to individuals as credit demand from corporates has slowed. This has resulted in an unprecedented growth in personal loans and credit card outstanding year-on-year. Personal loans grew 27 per cent annually between August 2015 and 2016, according to data from Reserve Bank of India. Between August 2014 and 2015 growth was 20 per cent, and a mere nine per cent a year before that. Credit card outstanding has also risen. The annual outstanding on credit cards between August 2015 and 2016 grew 26.8 per cent. Between 2014 and 2015 it was 21.3 per ...

image
Business Standard
177 22