Because, Indian banks are now free to charge an annual interest rate of up to 49% from credit card customers for late payment.
Read the complete story here.
It’s not a great idea to carry your credit-limit-beyond-what-I-can-pay (most often …) credit card in your wallet especially in these lean times. You might be the most punctual person in paying off your credit card balances each month, but all it takes is one delayed payment to push you into the drowning spiral of debt. Leave your credit card at home, spend cash, and fully enjoy your life.
What do you think?
Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.