FIGHT THE LOAN SALESMEN AND DEBT COLLECTOR GOONDAS

We are all fighters against addictions of any kind. However, nothing is being done about consumerism-addiction. Shopping as an addiction has been recognised in the West long back. We have not had the problem because we never had the money.
A massive promotion of lower classes to the middle class during the past 15 years has been caused by the large employment opportunities, coupled with the NRI phenomenon.
Things were controlled even then; but with the advent of new generation banks, shopping addiction is raging in the community.
The sales forces of the new generation banks have succeeded in making almost every middle class family a debtor. Personal Loans, Credit Cards, Vehicle and housing loans have been thrust on them most effectively.
Things are okay and happy when the loans are received. It is when one or two monthly instalments get stuck that he tragedy begins. The overdues are retrieved by these banks not through letters or suits; but by goonda power.
The private banks have Debt Collectors on contract and huge commissions are paid to them. As with the vehicle-financiers' goondas of old, these land on the soft middle class family and start the extortion.
However much you remit back, the Credit Card dues never cease because of the exorbitant interest and hidden charges. The sweet talking Card salesmen never tell the clients about this pitfall during canvassing.
The current situation is that the majority of our middle class families spend more than half their earnings to repay these dues of Car/TV/ Home loan dues.
Debt Collector goondas are having a field day. Encouragement of such white-collar goondaism has not been recognised as a threat to civilised society yet. But it is long overdue.
It is the duty of us all to act against the demoniac incitement of INNOCENTS by the new generation banks to borrow more and more. At least five of my friends have already fatally succumbed to the humiliation of being worked over by the Debt Collectors of Credit Cards.
The largest and most ruthless band of such goondas is kept by the so-called second largest bank in India viz, the ICICI. I know at least seven borrowers who are now showing distinct mental abnormality after being treated by them.
It is not for large or long outstanding dues that these goondas go after middle class borrowers. Even a two-month default brings them to your office or doorstep. They ring you and your family up and threaten. They go to your employer and tarnish your image. They shout abuses at you in public.
As with other campaigns against other addictions, I urge you all to come out against the ruining of our middle classes by these Mammonian forces. Let us at least publicise the experiences of the innocent [not wilful] defaulters and influence people not to be tempted by the loan salesmen and women. Let us thus try to prevent more family suicides.

Well u sound as if u r complaining about the promotion of people from lower class to middle class?!!.And ur post also implies that the problem is more prevalent among these Neo-Rich people!! and that is where ur answer is.U should educate ur friends to read what they sign up for!!("The sweet talking Card salesmen never tell the clients about this pitfall during canvassing".)Its no use crying over spilled milk!.And as for "The current situation is that the majority of our middle class families spend more than half their earnings to repay these dues of Car/TV/ Home loan dues" --- who asked them to buy all these things in the first place and that too on a LOAN!!!!!.Banks are here to help us and helping one does not mean that the bank makes a loss!!!!.None of the Banks are here to make a loss for themselves.Like the old time ZAMINDARS, they too want to profit from lending money!! only difference is the %age.So the parting line is -A LOAN is NOT a GRANT,CREDIT CARD is NOT a CHEQUE.Look and THINK before you JUMP!!!!!!

I agree with you premprabhu, however i believe that the gvmt shouldn't allow certain products to be sold such as tabacoo. Even this small cut would help cut the medical expenses of our people. Money is a tool to be used wisely not sqandered foolishly.

My Dad has always told me that one should not live beyond one's means!! I mean,taking a loan is Ok to build a house
but not for mindless shopping!!! Shop,buy the whole world
IF U CAN AFFORD IT!!! otherwise stay away!!! I know that even a reputed bank like Citibank uses third degree methods to recover their dues!!! Well, I guess the blame lies with
avaricious consumers who fall into this trap!!!

I agree, who asked you to go beyond your limits? Cut your cloth according to your size. What is the need to go for a 7 lakh car when you are still middle class? Why buy expensive TV, when there are cheaper ones? If you are middle class, act like one. Apeing a rich guy is very dangerous. Can symapthise with some one for the difficulty in repaying a loan due to necessity - like a marriage. Not for purchasing luxurious goods. Use God given brain to find out what is available for you in this birth.