By Mr. Tanish Sharrma, Co-founder, BillCut
“As we approach this year’s Union Budget, we look forward to some meaningful policy interventions to address the rising challenges around consumer credit usage and are focused on strengthening awareness of consumer credit in our country. The rising dependency on loans and credit cards indicates a requirement for a strong consumer credit awareness, transparent and fairer interest structures, and easier access to refinancing or consolidation options that help borrowers manage repayments more efficiently.
Policy support in the form of incentives, such as tax benefits on interest paid, and the introduction of large-scale financial literacy initiatives will go a long way, helping borrowers break free from high-interest debt cycles. Greater emphasis on credit score awareness is a must. How it is calculated, how it affects borrowing costs, and how responsible repayment may improve over time will further empower consumers. Together, these strategies can enhance credit health, reduce financial stress, boost disposable income, and support long-term financial well-being.”
