Skip to main content

EMI on Debit Card; Good or Bad

10 questions to ask when chosing EMI on Debit Card


Online Stores like Amazon, Flipkart etc has made ties with Indian Banks like ICICI and others. Now your Debit Card will work like credit card given if you have some savings in your bank as Fixed Deposit. Buying is made easy now. After cash on delivery, EMI on Debit Card is second most eye catching utility. Stores want you to buy more. Banks want you to sell more money. They will always want, its there business.
EMI on Debit Card means no extra paper work for getting a credit card, plus banks will be in safer side. In past decade Credit Card fraud was enormous as credit limit on a credit card goes high in accordance with your purchasing power.
Customers are also in safer side as 'buying very high value articles and then unable to pay thing' will be minimized.
In countries like US, UK there run consultancies with promise of making you Debt Free / Credit Card Debt Free, as people buy and then unable to pay.
No matter how many security instruments are out there in the market, but you are the best instrument to safeguard yourself from falling in a debt.
In my experience, most of the debt trap happens because of indecision, ego and emotions. Lack of doing simple math is also a big problem.
Before you buy, ask these 10 questions
  1. How much savings I have
  2. How much I need to pay for EMI
  3. Whether I will be able to pay EMI hassle free
  4. Whether my future responsibilities will go higher
  5. Is this thing I truly need
  6. How much extra money I will spend if buying on EMI
  7. Do I have funds for rainy days
  8. Do I have alternative options to get this article for less price
  9. How much money I will save and make if I save the amount equivalent of EMI
  10. Which is the best store that offers me low cost EMI 
Never take borrowing decisions based on ego or emotions.
Indecision is when you are not sure.
Labels:

Comments

Post a Comment

Popular posts from this blog

Cofolios help design interns in getting hired

Are you design Intern and looking for your first job? Submit your Folio now Cofolios Design App Cofolios is an app developed by Hasque to help design interns in getting hired. The Cofolios showcase design intern intern portfolios at top tech companies. Employers can see the interns working with a technology company simply by opening Cofolios website. At the time of writing this article its showcasing design interns of Adobe, Amazon, Apple, Intuit, LinkedIn, Twitter, etc. You can get this app from ProductHunt
3 comments
Read more

Work from anywhere, myth or reality

 Are you a digital nomad? If you travel a lot, then this article is not for you. Instead you should share your experiences here. If you have written something then perhaps sharing a link will do a lot of help. However, if you are not the one and planning to travel a lot, or may be less, whatever in your capacity you will face many challenges. Living space I am not talking about Sweden or Singapore. My experience says in Indian cities and if you are Indian finding a place to sit and work will be difficult. Search for the place before you set in. This should be a huge challenge if you have no property or things like home. Internet 5G is still a myth, 4G may be not in Tier 1 Cities for example Mumbai or Delhi, however even in famous tourist places for example say Goa getting a decent internet for work and far from main town areas will be challenging. And the main town aka city side rent will be skyrocketing. Lightweight laptop If you depend a lot on a laptop it should be lightweight f...
Post a Comment
Read more

How to make Posters and Flyers free with DesignCap

DesignCap Lets You Create High-Quality Posters and Flyers for Free DesignCap is a web service that offers hundreds of templates, thousands of photographs, clip art, fonts, and shape. All are free of charge. You can easily create posters or flyers for all purposes such as the advertisement, sales, wedding ceremonies, events, holidays by using templates. You can change the arrangement of objects by drag & drop, and intuitively customize your design with easy-to-use editing tools.
Post a Comment
Read more