The negative side of the Credit Card transactions
In a momentous decision the Supreme Court of India has come down heavily on the financial institutions and bank over their policies adopted in providing credit cards to the customers. Information provided by them is mostly inadequate. Even meeting with the bankers in person does not result in proper education of the customer. The poor customer is lured into having credit cards without having much use and without learning the ramifications of turning out defaulter.
Mistake is as much with the bank issuing the card as it is on the part of the customer who has defaulted in payment. Most of the time the bank or the credit card issuing authority fail to educate the customer properly on the pros and cons and terms and conditions applicable to the card. The Supreme Court of India took an adverse view about the steps taken by the financial institutions and bank for recovery of their dues since they often indulge in unfair means clearly taking advantage of the credit card usage on the increase in india.
Use of recovery collection agents who indulge in physically and mentally abusive tactics against the defaulting individuals in order to force them to submit their dues has been equally adversely viewed by the Supreme Court. The process violates the self respect and stature of a person in the society which is meaningless for the agent concerned. This in the opinion of the Court is distorting the image of Financial India.
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