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Credit card spends have climbed fast and hit a record high in May. The amount of money customers spending online through credit card was also quite high. Data released by the Reserve Bank Of India shows card spending in May reached ₹1,14,000 crore. Get more Personal Finance News and Business News on Zee Business. ....
Paying a credit card bill before the due date improves credit profile and ensures increased benefits With the COVID-19 pandemic continuing for the second year, the income of a large chunk of salaried people has been impacted. Even those running their own businesses have been trying hard to maintain a stable and regular income due to recurring lockdowns and other restrictions on the movement of people and goods. In these trying times, people are increasingly resorting to using credit cards to meet immediate expenses on household needs, medical emergencies, and even other scheduled expenses like marriages. Though credit cards can help people tide over urgent financial crunch, they demand careful handling as even a small carelessness in paying the debt can land users in big debt. Also, breaching the credit card limit affects the credit profile of users, reducing the chances of getting a bank loan later. ....
Breaching the credit card limit is unwise as it affects the credit profile of users The COVID-19 pandemic has hugely impacted the income of the working population as companies have either cut jobs or salaries. Even those running their own businesses have been struggling to maintain a stable, regular income due to recurring lockdowns and restrictions. In such a situation, using credit cards can help in meeting current household needs and expenses on medical emergencies or long-term financial goals such as higher education of children and their marriage. Though credit cards can help people tide over immediate financial crunch, they demand careful management as even a small oversight can land users in a big debt. Also, breaching the credit card limit is unwise as it affects the credit profile of users. ....