Finance, Forex and Investments

Why not the Reserve Bank of India BLOCK the credit cards of the Senior Citizens after their 65 years of age??

It is one of the well known marketing tactics of the credit cards to issue loans to Sr. Citizens. There are many instances where the loans issued by the credit cards to the Sr. citizens and old people attracting huge percentage of interest drag them into chronic indebtedness, there by making their lives miserable and compel to spend their balance life period in depression, desperation and worry through out their life in repayment of such loans. Hence it is suggested to the Government Of India to block all credit card activities, of theCitizens of INDIA after the age of 65 years in their best interest of peaceful living. Or treat all such loans as null and void by bringing them under the scheme of " Relief of chronic indebted ness" ? Or the Government of India may issue stasutory orders that any such loans issued by the credit cards to the Sr.citizens, not to attract the credit card interest rate but may be at the interest rates as applicable to any other Nationalized Banks only. Here blocking the credit card means; blocking at request only, as an easy and helpful facility. Examples of various other types of such concessions / facilities already in vogue are like concession in the railway fare, seperate reservation Ques, selection in railway births; raising the Income Tax exemption slabs; Increase of 0.5% interest in their fixed deposits in the banks etc.,.

Public Comments

1. That is not a good idea. Over 65 does not mean you are senile and irresponsible. I doubt if many seniors are dragged into debt against their will. They are not children and should be able to manage their own affairs.
2. Maybe not 65-years-old...but people over 85 need to be protected more... Hell, I dont think anyone over 90-years-old should be allowed to vote! Because they make voting decisions using their 1920s logic and thinking...and then they end up dying straight after the election, and the young people have to suffer for their decisions!
3. Halting seniors from using credit cards is the silliest thing I've ever heard of. Banks who issue credit cards don't go under when a certain group of people can't pay their credit card in full. First of all the banks could lower their interest, or could cut down the interest on those seniors who get into trouble, or the seniors could go bankrupt and clear off the debt entirely and start new debt, or if the banks don't want to lend the seniors "a lot" of money then at least give them a card but with a limited amount of credit. But taking the credit cards away from them totally is being very mean and uncalled for.
4. elderly people are not stupid I would like to think most can handle money better than the young There are plenty of young people heavily in debt
5. No way! Seniors aren't all doddering old fools. Many are still sharp, bright, know exactly what they're doing, credit wise. Manage their money well. Why deprive these people of doing what they want with their money simply because a few older persons don't manage well?