Credit Card EMIs - How Does It Work!

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Sei said:
I used to think so too (and have always made payments on time) till I saw so many people default on their payments or pay the minimum amount mentioned on the bill.
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fine, so what happened after the point you saw others missing payments? what exactly were you trying to say?

:)

others scr3wing up, made you change your thinking?
 
babhishek said:
fine, so what happened after the point you saw others missing payments? what exactly were you trying to say?
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:)
I meant that the credit card companies get compensated easily by the number of people defaulting on their payments. They jack up interest rates and earn loads even if you miss one payment. And most people, who get entangled in this mess find it very difficult to get out.

OT: There is a very good episode in Boston Legal where Alan Shore's assistant racks up a debt of $50k on her credit card after they jack up rates.
 
Sei said:
:)
I meant that the credit card companies get compensated easily by the number of people defaulting on their payments. They jack up interest rates and earn loads even if you miss one payment. And most people, who get entangled in this mess find it very difficult to get out.

OT: There is a very good episode in Boston Legal where Alan Shore's assistant racks up a debt of $50k on her credit card after they jack up rates.
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credit cards are a means not a solution!

and yes, time to give boston legal a shot !
 
Typical credit card rates range from 36% to 45% as it is. If you default or are late in making payments or pay the minimum only per month this rate easily climbs upto 65% - 70%. It may seem like the credit card companies are making a killing but do understand that credit cards are unsecured loans and if you don't pay, there is very little a card company can do to force you to pay up except ruin your credit report.
 
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