Circa 2004, when i received my first credit card the most worried person was my father. I was fresh out of college in my first job. Moreover, during those days it was very easy to avail credit card. My father believed that it's too early for me to use a credit card. Though back of the mind his key concern was that if i will spend more on credit card beyond repayment capacity then the bill will be on him :) . Though from day 1, i ensured credit card payment or usage within my means to avoid Debt Trap. There was a study done by FMCG company on the shopping behavior of buyers. The same buyer ... Read More
Personal Lending to Family or Friends – 10 Tips to Safeguard
Personal Lending and Borrowing is very common and deep-rooted in the Indian Society. We double up as a borrower and lender depending on the situation/circumstances. With economic prosperity and ease of borrowing, personal lending has subdued but still very popular in small cities and towns. The people prefer to borrow from a known person rather than from a bank or financial institution. In many cases, it is compulsion because of low CIBIL Score or under reporting of income in ITR. It means an individual cannot avail credit facility from the bank or financial institution. Though not 100% ... Read More
Why High CIBIL Score Does Not Guarantee Loan or Credit Card
High CIBIL Score does not guarantee loan or credit facility. I keep highlighting this point in my posts on CIBIL Score. Recently, one of the blog readers wrote to me that his home loan is rejected despite a CIBIL Score of 800. I do understand the pain and agony. At the same time, it is important for potential borrowers to understand the importance of credit behavior. Unfortunately, it is getting more difficult to avail credit or loan facility with each passing day. Business of High CIBIL Score and Marketing Strategy There are a lot of 3rd party credit agencies in the market promising a ... Read More
Private Lending – Beware of 5 Points Before You Borrow
Private lending is most suitable for the borrowers who don't have any other option left to borrow. There can be multiple reasons like urgent fund requirement, emergency or loan rejection due to CIBIL Score, Loan eligibility, Income, etc. Whatever be the reason, it is important to understand the concept of private lending before commitment. In almost all the cases, private lending is backed by the collateral of equivalent value. Therefore, private lending is not guaranteed if you don't have any asset or holding to put up as a collateral. Private lending is more popular in small town, cities, ... Read More
Mortgaged Property – How to Resolve Husband Wife Dispute
Mortgaged Property is the biggest casualty of a dispute between husband and wife. Normally, i don't write on controversial subjects. Every month, i receive large no of queries on Mortgaged Property with a dispute between husband and wife. With every passing month, these queries are increasing. Though i am not a lawyer but readers consult how to resolve the dispute on mortgaged property. I don't want to get into nitty gritty of the case but trust me it is a huge financial loss to both the parties. There can be multiple scenarios, permutation, and combinations. It is not possible to cover all ... Read More
Credit History – How I am Responsible for My Low CIBIL Score
CIBIL Report is the bible of a credit history of an individual. Through my blog, i have published large no of posts on CIBIL Score. I try to cover all the practical aspects of Credit History. On the web, you may find large no of posts on theoretical aspects that does not have much relevance in my opinion. In my post, How financial institutions Kill CIBIL Score? i shared how financial institutions could kill your score. Not many borrowers are aware that sometimes they are also indirectly responsible for low CIBIL Score. I hope you have heard the word Self Destruction. It is self-inflicted acts ... Read More
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