Campaign to discourge use of credit cards on anvil

The initiative 'Vision 2020 - A Debt Free Nation and a Debt Free Family' is slowly gaining pace.

While the domestic and foreign banks were busy in proliferating their credit cards with multiple offers, an altogether different initiative for a debt-free and credit card free regime is slowly gaining pace.

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The initiative, 'Vision 2020 - A Debt Free Nation and a Debt Free Family' a nation-wide awareness campaign, has been launched by the Credit Card Holders' Association of India, a Bangalore-based registered body.

"The whole process from issue of credit card to recovery process is marked by the lack of transparency and use of unscrupulous methods to lure as well as terrorise card holders. Even after the announcment of gudidelines by Reserve Bank of India there is much to be done," the association's General Secretary CV Gandappa told reporters on Saturday.

It may be recalled that credit card grievances were brought under the purview of Banking Ombudsman Act by RBI with effect from January one, 2006.

The 10,000-member strong body was working on creating awarness among the general public as to "how to get away from the web of these credit cards and stay at a distance", he said.

An awarness campaign would be carried to make every credit card holder to liquidate his debt in phases by observing debt liquidation years between 2005-2010, he said.