Mudra Navigator

17/07/2023

Understanding the basics of credit cards is the first step towards responsible usage. It is crucial to comprehend key terms such as interest rates, credit limits, grace periods, and fees. Familiarize yourself with the terms and conditions of your credit card agreement, as it will outline the rights and responsibilities of both the cardholder and the issuing institution.

To make the best use of a credit card, it is important to develop healthy financial habits:

Budgeting: Create a monthly budget and ensure that you have enough income to cover your expenses, including credit card payments. Avoid overspending beyond your means and strive to pay off the entire balance each month to avoid interest charges.

Payment discipline: Make timely payments on your credit card balance to maintain a good credit history and avoid late payment fees. Consider setting up automatic payments or reminders to ensure you never miss a due date.

Responsible credit utilization: Aim to keep your credit utilization ratio—the amount of credit you use compared to your credit limit—below 30%. This shows lenders that you are responsible with credit and can positively impact your credit score.

Monitoring and review: Regularly review your credit card statements and track your spending. This will help identify any discrepancies or fraudulent charges and allow you to stay on top of your financial situation.

Avoid unnecessary debt: While credit cards can provide short-term financial flexibility, it is important to differentiate between needs and wants. Avoid excessive or impulsive spending, and only use credit for purchases that you can afford to pay off in a timely manner.

By exercising financial literacy and adopting responsible credit card habits, you can harness the benefits of credit cards while avoiding the pitfalls of debt and financial mismanagement. Remember, a credit card is a tool that, when used wisely, can contribute to your financial well-being and help you achieve your long-term goals.

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23/07/2021

Bajaj Finance's bad loan doubles to Rs 4,737 crore.

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Asian Paints on Tuesday reported an over two-fold increase in its consolidated profit to Rs 574.30 crore for the first quarter ended June 30, 2021, on account of higher revenue from operations.

25/06/2021

From hotels, tourism, transport and aviation to trade and small manufacturing units, specific pockets of the economy are beginning to report a disproportionate impact of the distress, both in the form of decline in incomes and rise in loan repayment defaults.

MSMEs and micro enterprises have been the most impacted with nearly 60 per cent of addition to Non Performing Assets (NPAs) in April and May coming from MSMEs, nearly twice what it was earlier.

18/06/2021

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13/06/2021

SBI likely to transfer Rs 20,000 crore NPAs to National Asset Reconstruction Company.

These non-performing assets (NPAs) include Essar Power Gujarat, Coastal Energy and Reliance Naval.

20/05/2021

The last time banks saw such stress was in 1996-97 when the non-performing assets (NPAs) ratio rose to 15.7%, RBI data showed. (HT)

The gross bad loan ratio of banks which stood at 7.5% as of 30 September, could almost double to 14.8% under a severe stress scenario, RBI warns

18/05/2021

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15/05/2021

If you are a creditor who feels at the end of a tunnel because you are not able to recover your debt from various sources, you must be extremely anxious! Debt collection is a time-consuming and torturous task, not possible to be done on your own especially if the debtor has no intention of coming out clean. Have you been looking to hire a debt collection agency but don’t know where to start? We MUDRA NAVIGATOR is a professional debt collection company and legal firm that will help save time, money, and energy in bringing back the lost money.