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Monday, May 02, 2005
The problem with credit cards
Gautam Chikermane writes in the Indian Express:
Yes, yes, we've all been through that, and appreciate what Chikermane means when he refers to us as David and to the banks as Goliath. But is there a solution to this? Chikermane sees some hope in the RBI. Read the full thing.
... 15 million unorganised, unaware, unaided consumers receive unsolicited calls by around 40 card issuing banks pressuring them to apply for credit cards. Or get misleading and wrong information about the conditions for issue, amount of service charges or gifts while subscribing to them. Or receive a ready-to-use credit card in the mail, even though they’ve neither applied for it nor given verbal consent on the phone to an aggressive direct selling agent. Worse, get physically coerced, harassed or intimidated by recovery agents appointed by banks.
Yes, yes, we've all been through that, and appreciate what Chikermane means when he refers to us as David and to the banks as Goliath. But is there a solution to this? Chikermane sees some hope in the RBI. Read the full thing.
