Monday, November 03, 2008

Indian credit

India is one of the world's most underpenetrated markets for credit cards, with only 27m in existence which equates to 1 card per 40 people, compared with 1 per 10 people in China. An engineer in a tractor factory in Chandigarh says that a credit card salesman came to his office and even filled in the forms for him. He didn't really understand that there would be finance charges on any unpaid balances and was soon struggling to reduce his debt of $1750, in spite of regular repayments. In the end he was so exasperated that he cut his cards into pieces, put them in envelopes and posted them back to the banks!

5 Comments:

Anonymous Anonymous said...

have you seen the article about the council banning latin ?

7:32 pm  
Blogger kinglear said...

Little story from UK.
Young lady with no visible means of support runs up credit card bill of GBP15000 & thats over GBP10,000. Bank starts not clearing new cash requests. Girl phones bank, who tell her they would like some of their money back.
Girl replies !But it,s MY money. Bank explains she is sadly mistaken.
Put it on my card then she replies. Bank explains again this is NOT possible. Girl then asks what Bank has done with her money. Bank explains it was never hers to start with. Girl is completely nonplussed and gets Dad to call. Bank explains to Dad, who eventually manages to explain to daughter. This is a true but terrifying story

8:31 pm  
Blogger Winchester whisperer said...

I hope that wasn't one of your daughters, KL.

9:06 am  
Blogger kinglear said...

ww - no my daughters not only do not have outstanding credit card balances, they are collectively rich enough to own one nowadays....unlike their poor father...

8:35 pm  
Blogger Winchester whisperer said...

I'm glad you can depend on your daughters to help you in your old age, KL.

9:11 am  

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