It seems that the debt-relief propoganda is running parallel in India and Britain. As the credit cardholders association in Bangalore are campaigning against the operationa status of credit card systems in India, the Britons are setting up their debt limits on credit cards.
To the disappointment of the British Bankers Association the lending figures on personal loans and overdrafts showed a sharp decline of 2.5bn pounds from an average of 2.99bn pounds last December. BBA director of Statistics David Dooks told Reuters that,
People are getting a lot more cautious about taking on borrowing and I can’t see what would release those reins..
Leave out personal loans and overdrafts people have grown prejudiced with credit cards spendings. A survey on credit card spendings for Morgan stanley shows that the spendings on credit cards has declined as people plan to spend 11 percent less this year, than what they used to last year.
People are carefully using the plastic now as survey shows that credit card purchases on luxuries like, cars and homes will run down by 20 percent. With credit card frauds and debt burden piling up the Britons have taken the right resolution this year, with respect to debt control.
