Credit cards and loans
Why do banks force us to take credit cards first? Why do they trap customers in the debt cycle and then hire employees for recovery of money? When there is a delay in payment, shouldn't they show some empathy instead of charging a hefty fine? shouldn't there be more financial strict financial laws to stop the exploitation?
Talking product sense with Ridhi
9 min AI interview5 questions
Banks' main business is providing you money for interest. Credit cards are the most profitable at entry level risk.
No bank is forcing you. If banks start showing empathy, everybody will stop repaying.
Banks earn on interest...whether it is on loans, credit cards or any other form of credit. Employees are rewarded for getting more people into credit.. it's a trap for us of we let it be. And the fees are also a huge bonus for them. Debt and credit cards are a huge psychological trap and not inherently evil. Need to be really prudent when taking it so there is never a default.