Is UPI Linked with Credit Cards Recipe for a Debt Trap? I The Big Story

Linking credit cards to UPI has led to a significant increase in spending, with credit card usage rising by 19% compared to last year. Data from the Reserve Bank of India and various surveys suggest that this convenience might encourage overspending, putting users at risk of falling into debt. Experts warn that while UPI simplifies transactions, it also necessitates smarter spending practices to avoid financial pitfalls. Watch the Big Story to know how you can navigate through this digital trap.
#debt #upi #creditcard
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[@bhatkrishnakishor]

Rupay is a challenge to visa and mastercard so western companies are worried.

[@bhatkrishnakishor]

For beginners, don't spend beyond your monthly budget, use credit card as a way to spend first and pay later. The benefit is the credit you are afforded because of using the credit card. Don't worry too much about points etc.

[@nirmal886]

More than one Personal loan must be stopped

[@0x64bit]

Yes and without collateral loan should also. Bachhe juta chappal ke liye loan le rahe the

[@kbadarinath]

Forget points, or usage of too much UPI from account or credit card, I wish somebody spoke about getting the change back for any purchase done. Until couple of months ago, I used the physical currency to get daily milk, at one point finding the correct change became such a challenge. Merchants are like, I don't have change buy something for the rest of the money or bring change! Or say, we don't take this 10 rupee coin give me a note instead or even worse, the change you should get back are chocolates that I don't want

[@gamesong6600]

I don't have a credit card, and I don't understand how they work either😢

[@PIXEL00000]

will be useful for me.. Only concern is Chai 5₹ 10₹ all will show in CC statement 😢

[@vishal.choudhury]

I also have a rupay credit card and my budget of spending is increasing month on month.

[@magictree787]

Best trick is to invest at the same time the same amount in liquid funds and which reduced overspending as your bank account gets debited at the same time.

[@nivolley]

if we have limit setting functionality in UPI that would help us to have budget and control

[@sketchyshubham]

Not just rupay credit card but also credit line. Govt will soon allow to use upi against your existing loan

[@priyojeetchowdhary]

stop marketing credit card rewards, thats the slippery slope you pushed people into.

[@solo.108]

Certainly it's a debt trap...I must say one person must not get more than one loan

[@surajkumaryadav2802]

Creditors have better memory then debtors. Benjamin franklin

[@joshuacherian6718]

Bania government is making cash scarce. Forcing ppl to use digital cash. Debt trap for sure .🤣😆😂🤪

[@DrBeckerHamilton]

IIIT study funded by Visa... Lamo😂😂😂

[@hashammomin8499]

Credit card big trap for middle class … please stay away

[@kankartata2501]

Credit Cards are the crack cocaine of the modern world.🤫