Search For Credit Cards

A lot of people are currently having trouble making their credit card repayments, dealing with debt consolidation, and escaping a seemingly endless mound of debt. As well, many individuals have problems budgeting, especially predicting exactly how much their bills will be each month, which is the main reason late penalties and overdraft fees occur. Keeping an accurate record of expenditure can help prevent this, but in some cases human error is inevitable, which is why overdraft protection is essential.

Overdrafting to Pay Credit Card Bills

Rather than risking a late penalty or having a credit card account penalized with higher rates because of a missed payment, most people choose to overdraft their bank account balance instead. Or, some people make a simple mistake and type the wrong amount into the bank or credit card’s billpay system, causing an overdraft. R

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Most fully mature adults have experienced some form of debt in their life, and this is by no means considered abnormal. Even so, dealing with debt as an adult is just as difficult as dealing with it during the college years, and some people never escape credit card debt. In the last decade, this pattern has transferred from being seen in middle aged adults, to being an epidemic amongst young adults with student credit cards.

Young people are going into debt at an alarming rate, with an endless sea of temptations that beg the student to swipe the magic plastic card at every store in the mall. In fact, studies have shown that more than 80% of students do not repay their credit card balances in full each month, which means they are accumulating debt. This statistic shows a trend towards financial irresponsibility, and perhaps even more disappointing is the fact that credit card companies are largely responsible for causing this trend.

Tempting Advertising Tactics

It has become obvious that credit card issuers will do just about anything to attract new customers.

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The severe cold calls by banks to customers for pushing credit cards , it always seemed evident to analysts that the market for credit card would continue to grow in India.

But recent data released by Reserve Bank of India says a different story altogether. The data shows that the usage of credit cards has shown a decline in the country.

Moreover, the usage of credit card is not only declining but plastic money is also underutilized in India.

” Debit cards have had a slow start and their growth only took off in the last three years. On the other hand, credit cards grew faster since inception, with the growth turning negative in the latest year,” noted IIT- Bombay faculty Ashish Das, who authored a paper ‘Cashless payment system in India A roadmap’.

From the year 2005 to 2008, there was a surge in the credit card business in India. The credit card market was found to grow by more than a crore in the three year span.

But things changed after the global economy was hit by the financial crisis.

“We have seen several customers surrender their credit cards.

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Private sector lender, Federal Bank has linked its ATM network to National Financial Switch (NFS). NFS is managed by National Payments Corporation of India (NPCI).

NFS is currently the largest network of shared ATMs in India.

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