In India, Credit card dues crossed 2 lakh crore mark
All banks are happy as they charge 36% interest, GST, late payments & Interest on interest & compounding
In my view
*It is the most expensive form of borrowing*
I have written an article in the past with Rs1 Formula* outstanding amount in credit card-
Why should you avoid making fresh transactions for next month ??
Remember even with Re1 outstanding amounts, *Whatever fresh purchases u do subsequent month, Banks charge 36% interest for it
Vijayakumar
Managing Director
Click4mf pvt ltd
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