Economic Package - Credit card repayment deferment

Economic Package - Credit card repayment deferment

45°
Missing
Deal Cadet
41
880
10

Saw on news that in the economic Package being discussed, they are also thinking to defer the credit card payment by 3 months.

What are your views on this ? Do you guys think this as a possibility?

7 Comments  |  
7 Dimers
Missing
Deal Major
6,915
23071
280

You’re expecting way too much smile
//* ~5 months to pay your dues* //

Missing
Deal Subedar
2
1108
13

That’s how NPA Grows, those who are honest will pay and those who are not will run away with banks money.

Missing
Deal Cadet
111
350
3

Lolz, more bad debts on the way…….

Missing
Deal Cadet
41
880
10

I think it gives a breathing window to many people whose income is going to be hit in this turmoil.

If they are giving moratorium period to business to repay their loans, home buyers to pay their EMI’s , even then credit card users can also get a 3 month window to repay their dues.

We will have the package by this weekend, it would be a welcome addition if they include this moratorium period.

Regarding bad debts this will result in lower bad debts as people who are genuinely affected by this would want to pay and 3 months gives them ample opportunity to do so.

Missing
Deal Cadet
72
450
6
rahulkothu wrote:

I think it gives a breathing window to many people whose income is going to be hit in this turmoil.

If they are giving moratorium period to business to repay their loans, home buyers to pay their EMI’s , even then credit card users can also get a 3 month window to repay their dues.

We will have the package by this weekend, it would be a welcome addition if they include this moratorium period.

Regarding bad debts this will result in lower bad debts as people who are genuinely affected by this would want to pay and 3 months gives them ample opportunity to do so.

Moratorium means, you will continue to pay interest on EMIs and CC bills without any late payment penalties.

CC bill payment attracts min 3% interest (36% per year).

Missing
Deal Cadet
41
880
10

I think they would not charge any interest or would charge a nominal rate of interest rather than the 36% being charged currently.

Government might also foot a portion of interest. This weekend might tell us the complete picture.

Missing
Deal Lieutenant
194
4179
55
rahulkothu wrote:

I think they would not charge any interest or would charge a nominal rate of interest rather than the 36% being charged currently.

Government might also foot a portion of interest. This weekend might tell us the complete picture.

It may be 28% instead of 36%, this FM is damn frugal

Missing