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The main mistake you should avoid when using a credit card is to treat it like extra money

Seeing a credit card as free money is one of the fastest ways to find yourself buried up to your neck in debt with no apparent way out of the situation. And it happens to more people than you'd expect – in most cases just because they were careless.

It's not that, it's just extra time to get money you were already expecting to get in the first place

Remember that a credit card is also a financial asset like any other. You should do your best to protect it and keep it secure. Credit cards tend to be targeted very often by hackers and other types of malicious actors, so follow any guidelines and recommendations that your bank might have regarding the use of your credit card. And as soon as you notice anything out of the ordinary, alert the appropriate department.

Adjusting Your Life to Increased Income

Landing a promotion at work is something you should be striving for in any case. But it's not just about getting to that point – you should also know what to do with all that extra money to begin with.

Cash cow to Achilles’ heel: The transformation of consumer lending business

AU Small Finance Bank stock top choice in FY20, overtakes PNB, BoB in m-cap

Stress in the consumer lending business, which was once a cash cow for banks and non-banking financial services, only seems to be intensifying, as statements and updates by these lenders suggest. A critical highlight in RBL Bank's media statement regarding its business updates pertains to its credit card segment. “Acquisitions have stopped during the lockdown; only digitally sourced cards being booked,” said the private bank.

It added that credit card spends had declined 40 per cent during the lockdown, with the bank expecting a slight increase in credit cost in March. In a call hosted by UBS, HDFC Bank also said that card swipes had reduced in March.

All these point to the brewing stress in the consumer business (credit cards and personal loans, mainly unsecured) of banks and lenders.