Use of plastic money on increase in India

In Western countries using credit and debit cards is very common thing. Now, in India it is becoming a part of Indian shopping culture. However western countries have been facing credit card abuse by shopaholics that put an entire country in debt. In India, it is yet to be seen whether the younger generation is able to handle in better way.

Now days many college students have debit cards so that, they don’t have to ask for cash from their parents. Therefore it becomes necessary to see how students take care of this.

Anirudh Wodeyar, a student says, “I feel that credit cards, more than debit cards, can prove to be dangerous for youngsters like us because of their higher limits. Having either makes us feel as though we have an unlimited source in our wallets with which we can whip up a treat to our friends or host a party or anything else.”

However most of the youngsters know how to handle cash, then also, sometimes they might feel difficult to deal if frequenting restaurants and theatres become a part and parcel of daily life.

Anirudh points out, “More often than not, students are aware that they shouldn’t spend more than a certain amount of money,” says Pooja, a student. “But the peer pressure of being called kanjoos can be tough to handle.”

According to some it is easy to keep track of spending with card as it gives an idea of where exactly your money has gone. Abhijith Vijayendra, a third year engineering student says, “Spending through cash is not as effective as paying for the credit card bill in one shot at the end of the month. People who are responsible realize how much they have actually spent and keep a tab on the expenses through such things.”

It is not that youngsters over spend with cards, the splurging problem can be seen in adults also. Anirudh says, “I’d say in general, with reference to the middle class youngsters who dominate
today's youth, we’re pretty careful with money whether it’s spent electronically or in paper.”

In fact students tend to be careful as they know, they aren’t earning. Some students still prefer cash over cards realizing, the pressure might have to deal with the card.

Abhijith says, “Spending in cash is better because you don’t get that massive accumulated bill or statement at the end of the month. As they say, Zor ka jhatka dheere se lage.”