The Ghost Factor

Dear Smt. Umakumar:

I appreciate the Government of India helped most transactions cashless through the process of promoting UPI and Bhim, etc. This helped many consumers to be cashless and need not worry about losing cash. However, this high credit use culture was responsible for the western world to live in debt. In fact, most Americans here have unpaid credit card balances and a lot of them even file bankruptcy unable to pay such a high interest rate on their borrowals.

A discipline approach in using all these options are important as otherwise, Pay will eventually slap us.

 

Human needs are a handful but wants are far too many.

What is possessed by neighbours, i too must have it in my home. This is the trend. With loans easily available and life can be enjoyed before any earnings, people use credit cards in a manner of gay abandon .

Business runs on borrowed money. There is hue and cry in marketing loan. Banks love & like borrowing men. Besides their cut, the mangers or the bankers have no way to earn big by doing businesses other than grant loan to bigshots. No shrewdest businessman would put his own money into business.

A financial company before credit card era offered interest 12% on fixed deposit from senior citizens and granted loan to cine artists at over 40% without any guarantee or property on mortgage. after a year or two the cine artists broke and the company defaulted on interest payment to depositors.

These depositors numbering over 20,000 in Tamil Nadu were all senior citizens formed association fighting a legal criminal case and it is twentieth year that depositors could not get even half of their principal amount. Many of them already expired. Many not nominated any one.

The maxim “earn while young and die rich” is reversed. Borrow and enjoy life young And die too young and a bankrupt. Wallets of young men nowadays seen with as many as six credit cards. Nothing he owns. All purchases made in EMIs.

People living without borrowing are considered numskull or fools. Valluvan said in good olden times “katan pattar nenju pola..... (like heart of the heavy defaulter) but on the contrary modern borrowers are brave hearts!

Simple living high thinking vanished yielded to high living & simple or no thinking!!

GODS too must be living on Credit Cards or in cashless society!