I observe in particular context of USA that lower/middle income salaried class is struggling to survive and usually consume salaries much before the month end. In this situation, option to use credit card looks very attractive but people don’t realize that this ‘easy money’ has to be paid back at end of the day. What is happening that people under the pressing family needs or even prestige issues or whatever, spend a portion of their next month’s salary (which is meant for next month) and enter into vicious circle. The burden increases every month and there comes a point when they have to go for installments and thereby entering into interest cycle.

The unfortunate aspect is that the back bone of our economy, the youth, has been the prime victim of the consumer finance particularly credit cards. You must have noted that credit card, cash loans, Extloans installment loans with bad credit and even gracious lease finance facilities have been extended to people earning even USD $1,500 – 2,000. I understand the lenders too have burnt their feet but the youth, with whom our hope & dreams are connected, is entering into debt servicing quest rather focusing their energies to express their talent which in the past used to be fueled with poverty. I think preference must be given to live within available resources. Eating less is far better then incurring debt. I strongly recommend that people must use credit cards very very carefully as the last resort and that too to minimum possible extent so that they may sustain it. Please accept my apologies in advance if my words might hurt anyone. Best regards.