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As a 27-year-old member of the Indian middle class, I tend to side more with the notion that credit cards are a less sensible alternative for general spending,
by fareesh 14y ago
As a 27-year-old member of the Indian middle class, I tend to side more with the notion that credit cards are a less sensible alternative for general spending, for all the reasons already discussed here. This is a fairly popular opinion among most of my peers, but not because of the cultural stigma mentioned in the article, but a general sense of frugality, as another comment mentions.
- npguy 14y agoThat approach might not be good for the economy overall though. India will become a spending driven society, like the US. In which case, credit will play a big role. It is just inevitable.
- fareesh 14y agoWhether or not it is, I don't think the average middle class consumer is going to be concerned with anything but their own financial well-being, over other relatively macro-economic considerations and consequences.
- npguy 14y agoyou are underestimating the power of the government and central bank. if they decide that they want to move the country in a given direction, they have all the tools to make it happen. Just look at the way US home buyers got immediate tax credit as an example of how this could play out.