All About Credit Card

A plastic card issued by a bank authorizing payment for purchases. Interest is charged on the outstanding balance.

Excessive Credit Card Debt
 

Most people advocate the case of credit cards, quoting the benefits and convenience that arises from them. However, there is another group/line-of-thought that strongly opposes credit cards. The reason being ‘Excessive Debt’, which is one of the most serious problems faced by the holders and industry. However, you can’t pull the shutters on the industry just because of a few irresponsible people (or even if it’s more than few). That is not a solution for beating excessive debt. Moreover, you can’t overlook the benefits associated with the credit cards.

The issue of excessive debt can be looked at from 2 angles. First is addressing of the excessive debt problem at the industry level and second is the addressing of the excessive debt problem at the individual’s level i.e. at the holder level. The first method involves increasing awareness of the excessive debt problem to the masses. This is more or less being done currently too. However, there should also be an effort to tackle this problem of excessive debt at an even deeper level. This means trying to devise a mechanism to nip the problem (of excessive debt) in the bud. This mechanism should actually be a part of the overall system. A lot of thought needs to go into devising such a mechanism.

Case studies should be taken up, statistics gathered and a proper forum formed (with representatives from the holders and from the suppliers). As of now, the suppliers just seem to be engaged in coming out with new products and getting customers enrolled to those products. There is little attention paid towards addressing the problem of excessive debt in the real sense. Something like attending mandatory seminars on the root causes of excessive debt could be made part of the application process. Another way of dealing with the problem of excessive debt could be: developing a system for calculation of applicable limit at the individual level i.e. no standard/product-based credit limits.

Then there could be mechanisms for proactively warning the users about excessive debt (based on their usage) or even imposition of early restrictions on noticing the first signs that lead to excessive debt At the individual’s level, the treatment of the problem of excessive debt would include following of best practices (on usage and avoidance of excessive debt) by the individuals themselves. A checklist or a set of questions could be provided to individuals for recognising the first signs of excessive debt.

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