Sirs: The topic was on the usefulness of "credit cards." Here we have now diverted to discussion on loans being offered by banks, how they are calculated based on DSRs and when to take a loan.
A credit card is a totally different thing. It directly flouts the laws of economics allowing a consumer to buy more than his income. It is something that is for benefit of the sellers and the banks, and nothing but that. It is a tool that allows a person to easily become a debtor within seconds. It has very little use to people who are calculate their expenses keeping it within their incomes. .
I salute the Indian Ambassador to the UAE Mr TP Seetharaman for giving such a valuable piece of advice that is to stay away from credit cards. The advice was not just to his own nationals but to others as well while presenting himself as a role model.