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Are they worse than credit cards?  Recently, we are seeing a jump in the pay later and credit line services in India. Some of these services are offered by banks while others are offered by financial companies in collaboration with banks. Pay later service is now offered by all the leading web portals, banks, financial firms and many more.  How is paylater different from credit card? Under this scheme, they offer you a credit line which you can use to make purchases and pay the bill in the next month. Some Non-banking financial companies even sell this pay-later scheme rebranded as credit cards. We can see companies like Slice, Fi, unicard etc which work on a similar model. Though, RBI has asked such companies to not mislead people and stop their services or apply for fresh credit card licences.  Today, I will share two of my experiences with these pay-later services where I become a victim of their trap for customers. The biggest problem with these services is that they ...

Mostly, it is the tendency of people to focus only on increasing their earnings while they forget to give equal consideration to financial management. Due to this reason, we commonly see many good earners in financial messes. It is very important to earn good money and to constantly try to increase your wealth; however, simultaneously it is important to focus on financial management so that we can use our money wisely and don't waste it on unnecessary things. When you don't use your money wisely, then you mostly land in financial problems despite the fact how much you earn. We can find many examples of people earning a few thousands of rupees, but managing their finances well. On the other hand, we can find examples of people earning millions of rupees, but at the end landing in various financial problems. Money is important and vital things to survive in this world, today, everything we buy from the market can only be bought with the help of money. When you d...