Credit Defaults & Waivers in India

The spate of Credit Defaults on Credit Cards and Persona Loans began with Banks like ICICI and other aggressively managed one sending pre-approved and activated Credit Cards to consumers in 2004-2007. Things were good until the Economy kept booming and when the world came crashing down, banks cried foul and reported consumers are defaulters on highly unreasonable APRs of 36% P.A

Consumers started writing their grievances to RBI. However, in a detailed analysis carred on by India’s Leading Credit Card Company – Cardbhai, it is now almost certain that RBI and the Banks are in no mood to let borrowers off the hook without paying the amount they owe. You can fight Credit Card / Personal Loan frauds in India as per Guidelines of CardBhai.

So the question remains who is to be blamed ? The ir-responsible consumer or the Greedy Banks which offered Money in the hands of these consumers ? So get your CIBIL Credit Report Now and see how your Credit History looks like ?