Debt management getting fiscally fit

Abhay Rao
Posted: Sunday, Nov 09, 2008 at 2244 hrs IST
Updated: Sunday, Nov 09, 2008 at 2244 hrs IST

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: and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principled men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd,” are words suspected to have been written by none other than JP Morgan itself in a private communiqué to leading US Bankers only, in 1934.

A chilling thought if these words were true, though while many may be surprised and vehemently oppose such a comment ever having being passed, if one opens their minds to see things the way they are, the traps appear clearer. Especially given the US financial condition now, JP Morgan Bank's current position and lastly if one happened to have seen a banned documentary by the name of “Zeitgeist”, conspiracy theory believers or not, the fact that debt is a trap in most instances, appears more obvious.

Arun Phukral, MD, Cibil (Credit Information Bureau (India) Limited) tells us, “The entire banking industry has honed in on the credit card and loan markets with great intensity. With so much competition amongst them, ones due diligence tests became lesser and lesser, which leads to people getting multiple cards and loans. While our task at Cibil has not been easy, over the last four years we have complied over a 125 million people's credit history and status, creating a ready and available database. This data, while currently is only accessible to banks and financial organisations if their reason is valid, should soon, hopefully by the end of the year be made available to the public too. Then each person can check their credit records and see where they are straying and hopefully make things better. While this data has been at all the financial institutions disposable, due to their zealous efforts in converting more sales, they have slackened in looking at the people's debt managing capabilities. The DSO's and salesman try everything to make the sale, going to the extent of sometimes convincing customers to not disclose the...

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