Credit cards to the rescue of pink slip victims

Credit cards have now become the lifeline for people, especially those who have lost jobs due to recession.

Credit cards have now become the lifeline for people, especially those who have lost jobs due to recession.
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They are using their credit cards to pay off their loans as well as to take care of their daily expenses.

"I used to ask people not to use credit cards. But now I ask people to use them and worry about the repayment later," said C V Giddappa, secretary, Credit Cardholders Association of India.

Suicide no option

Giddappa claims that people are on the verge of suicide and credit cards and loans are helping them. "When someone tells me he is taking a loan, I say go ahead. Now, it is important that they live. They can think of the repayment next year or when they find another job. The bank will not collapse if they do not repay in time. But they will certainly do so if they do not get the money," he said.

Now a supporter

Giddappa who had been objecting to the way credit cards and loans were thrust on people, is now viewing these in a positive manner.

"I get at least one person in a week who wants to commit suicide because he has lost his job and does not have money now. Many of them are living just off the cards," he said.

"Last week, an employee of a software company tried to commit suicide and is now being treated at St Philomena's hospital. Another person Ashok Kumar and his wife consumed poison and gave it to their daughter also. The daughter died, while the couple survived," he said.

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