A couple of days back I came across this pieces of news: Defaulting credit cards will attract 49% interest now. Wow, that is one hell of a penal interest. In addition it has the blessings of the Supreme Court. Will all due respect it pains me to fathom how the court could have allowed such an atrocious interest rate even though it was a no-show from the defendant NGO body. Given bad times now with people losing jobs, the really unfortunate ones will now have the banks hot on their trail sucking them dry.
The most interesting part of this news item is this little jewel:
“Even the cost of acquiring a new customer, that is the cost of calls made randomly by authorised call centres urging people to take credit cards, is also taken into account for realisation through charging of penal interest from a defaulting card holder.”
First they harass us over phone with unwarranted calls, then they bring down the world economy and then they harass the unfortunate ones to recover the costs they incurred during the earlier unwarranted harassment cycle, to help survive the economic mess they created! Sweet.