Most of the professionals swipe their plastic money called Credit cards without even thinking the ways to pay them and then after that they lose all their money. But there are defaulters in these business also where people do not pay their credit card debts even after many warning letters are posted and unending phone calls and finally this goes to the collection agency where from the agents come and disturb you at your house and make you the talk of the town. These were all the ways to collect the money from defaulters. Even after these many warnings some defaulters never pay money. Now this had made the ICICI Bank think tanks to put on their Mind cap and they have devised a new way to collect money for your credit card debt.

From now on ICICI has announced that they will deduct the money to be paid off to them through the monthly salary.

Now to the important question: Is this possible practically?? Says a Financier in Chennai, "This is impossible. An independent Bank should get an approval from the Defaulters' employer for deducting the amount from the salary. Also most of the companies do not wish to get involved in the personal debt issues of the Employee. They will rather say 'No' to a bank than getting involved in an issue which is not at all their problem. Also the Bank should get a "Currency Order" from the Court to deduct an amount from an individuals' salary without the individual's prior approval which means a bank has no rights to deduct any amount from an individual's salary without the employer's, employee's and the court approval. Never will a court approve this order as most of the judgements done in defaulters case will be in regarding with the person's monthly expenses. Now most of the Private Banks implement many cruel ways to get payment from a customer even though the customer has a genuine reason. So, law cannot go against an individuals hard earned money and give an approval to the Bank to deduct the amount required. Hence this is never possible."

Now, let's see this from the Bank's point of view. One of the ICICI bank employee gives an explanation for this,"Not every one who has credit card debt is made to undergo this procedure. When a customer doesn't pay a loan, the first step is to send 3 warning letters in a span of 90 days. After that regular phone calls are made to the customer and after that agents are sent to check with the customer and explain them clearly about their balance debt and offers them some suggestions to pay their debt. Now, when all this happens and the agent goes to the house the customer would have either gone out-of-station or would have vacated the house. Then if this happens where will the bank get it's money from. Customers should keep in their mind that the money we give them as debt is another customer's hard earned money and savings. When every customer with a debt defaults like this what is the wrong in taking this drastic step to get our money??"


Let's compare this with other country's debt collection process say America. In America, a credit card is given without any security or surity to the customer and the only thing that is taken into consideration is the salary of the customer. Now when a customer doesn't pay a loan and defaults and goes out-of-station, then the Bank along with the government inclusion removes the basic facilities such as Power and water for the Social Security Number(a secured number given to each individual and by which a person's credit history is known) present. Only when the person clears off his debt will the government provide him any of the basic facility!

Now our country's banks are far better than the others as they do not use cruel methods like this to get a debt paid. But there is one thing that should be kept in mind, the usage of a credit card should be minimised. Whether the above said happens or not Credit cards are always dangerous.

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