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On a tragic morning in July 2019, a 35-year-old man, married and the father of a three-year-old girl, woke up at 3:00 a.m. He carried his young daughter in his arms and left their ground-floor apartment, heading to the rooftop of their building in India’s capital, New Delhi.
Standing at the edge of the rooftop, the father held his daughter tightly and jumped off with her. Moments later, his wife, who had been watching the scene unfold, threw herself off after them.
The man passed away upon arrival at the hospital, while the wife and daughter miraculously survived, giving the police an opportunity to question the wife and understand what had happened. Thatâs when the threads of this tragedy began to unravel.
The Incident as Told by the Wife: A Journey from Depression to Disaster
During the investigations, the wife revealed that her husband had been battling severe depression in recent months due to mounting debts. Despite working for a prestigious consulting firm, he found himself drowning under financial burdens he couldnât manage.
He had accumulated debts equivalent to $100,000 through credit cards. With interest and penalties compounding every month and no financial support from family or friends, the man felt utterly trapped. He saw suicide as the only escape and decided to take his daughter with him, believing it would âprotectâ her from a future he deemed bleak due to poverty.
Public Outcry: How Can a Credit Card Kill?
This story caused a significant uproar in India and beyond, reigniting discussions about debt and its devastating impact on individuals’ lives. What makes this case particularly poignant is that itâs not an isolated incident. Millions around the world face similar circumstances, struggling with insurmountable debt that drives them to the brink of psychological collapse and even suicide.
Debt: A Blessing or a Curse?
Debt has been part of human life for centuries, but modern methods of borrowing money have become increasingly complex. Among these, credit cards stand out as one of the most widely usedâand dangerousâtools.
Credit cards provide incredible convenience, allowing people to purchase items even if they donât have the cash at that moment. However, they are also a double-edged sword, easily becoming a massive financial burden if not used wisely.
How Do Credit Cards Work, and Why Are They Risky?
To understand how a credit card can become a “financial trap,” itâs essential to know how it works. There are three main types of bank cards:
- Debit Cards: Directly withdraw funds from your bank account. If you donât have enough balance, the transaction wonât go through.
- Prepaid Cards: Use funds you load onto the card beforehand.
- Credit Cards: Allow you to borrow money from the bank for purchases, with the expectation of repayment laterâwith interest.
Credit cards are the riskiest of the three. Why? Because they allow you to spend money you donât actually have, making them a powerful temptation but with hidden costs:
- High interest rates: If you donât pay the full amount by the due date, high interestâoften 20% or more annuallyâis charged on the remaining balance.
- Hidden fees: Banks impose various fees, such as cash withdrawal charges, currency conversion fees, late payment fees, and over-limit charges.
- Accumulating penalties: Missing payments leads to additional fines, significantly increasing the financial burden.
The Debt Trap: Why Do People Fall Into It?
There are several reasons why credit cards can become a financial trap for many:
- Spending temptation: Carrying a credit card makes you feel like you always have money available, encouraging overspending.
- Lack of awareness: Many people donât fully understand the financial mechanisms behind credit cards, such as how interest and penalties are calculated.
- Aggressive marketing: Banks and financial institutions often market credit cards as an easy and quick way to access money without highlighting the risks.
- Financial emergencies: Some people rely on credit cards to cover unexpected expenses, leading them into a cycle of debt.
Lessons Learned: How to Protect Yourself
To safeguard your financial health and avoid a similar fate, here are some tips to follow:
- Understand your cardâs terms: Read the usage terms carefully and be aware of the interest rates and fees.
- Donât spend more than you have: Treat your credit card as an emergency tool, not a substitute for money you donât own.
- Pay on time: Always pay the full balance by the due date to avoid interest charges.
- Seek help early: If youâre struggling to repay, contact the bank or consult a financial advisor for solutions.
- Learn financial management: Take courses in budgeting and financial planning to avoid falling into unmanageable debt.
In Conclusion: Debt Can Be Deadly
The tragic incident in Delhi is not just a story of a familyâs suicide attempt; it is a stark warning about the dangers of debt and the misuse of credit cards. We must all learn from this tragedy and take steps to improve our relationship with money and debt, protecting our lives and mental well-being.
https://en.wikipedia.org/wiki/Credit_card
