The Indian market for unsecured and secured loans including credit cards has exploded over the last seven years. Access to low cost loans has fueled the growth in consumer spending but has also resulted in "exuberance" and resulted in rising defaults.As more consumers traverse the rocky path of increasing interest rates and as newer customers enter the credit fold there is an ever growing need for education and advise at the right time!
A movement that has gathered momentum are Internet based communities that facilitate members to exchange notes and also advise on how loans should be managed and repaid in effective manners. Wesabe offers both a forum and a set of tools that help customers make better financial decisions!
This leads us to another question/ opportunity? Perhaps there is an opportunity for lending institutions to play a consultative / advisory role in guiding clients on the quantum of loans that they should take?
Your views?..........................
