All financial transactions assume that both sides will speak the full truth. However in real life this rarely happens.
The company which wants to loot you does not tell you the whole truth – and the guy who wants to cheat the company, also does not tell the whole truth. It is customary for websites, channels, magazines, blogs to criticise the manufacturer because it is assumed that the big bad banker is out to kill the small investor / customer. This is not always true.
One peon who was about to retire was encouraged to get a credit card, make all his purchases, make part payment and then run away to his village in Madhya Pradesh. He was told by other ‘friends’ that it is not worth while for the credit card company to chase him for Rs. 70,000 – and anyways he would not ever borrow again the rating did not matter.
Well I thought this was bad, but last week I heard at a Moneylife seminar that this kind of behaviour is common even among qualified people taking off to settle in USA.
Who should behave better? The Shylockian Credit card issuer or the ‘saadhu’ credit card defaulter? Or both?
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