Yeh Hai Life!

Slowing Down India’s First Generation Credit Card Consumers

In Business, Economy, India on June 7, 2009 at 9:05 am

Welcome to a plastic economy! It’s all fun and games till credit dries up.

Non payment up 20% from 6% last year. Credit limits being slashed.

Money quote: “I used to buy jewelry for my wife on my gold-class credit card frequently,” he said. “Now I will have to go back to old ways of living and control my impulse to buy. Maybe our parents were right in teaching us to spend modestly.”

Full Story at Washington Post

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