To some people this thing may sound pretty scary and to some it may sound nothing(if you already in huge debt), but if you an indian and trading in indian stock market then it wont affect your day to day life, but yes it may effect Sensex and other stock markets in the world.
Till now we were facing subprime crisis and also witnessed a small crash on our markets, although it has very little connection with India, but since our indices follow Dow jones and other asian indices so much, that we cannot do much in this case, but we may be going to witness a new type of bad news from US, around 900bn USD debt is piling up on the Banks who have issued credit cards to US citizens, who dont seem to be interested in paying back the money and eventually turning away from their financial responsibilities.
This credit card crisis is not new, this is well known to USA and its increasing every month, as new credit cards are issued every day in US.
IF this debt is not cleared, then a similar crash will be seen, as happened due to subprime crisis, as this credit card mess is much the same in size as compared to the subprime mess made by Americans.
God save indian stock market!
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