tag:blogger.com,1999:blog-5848640164815342479.post8452387566828606479..comments2024-03-27T15:36:44.737-07:00Comments on Haq's Musings: India-based Debt Collection Business SoarsRiaz Haqhttp://www.blogger.com/profile/00522781692886598586noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5848640164815342479.post-9082599873274880032008-11-05T19:34:00.000-08:002008-11-05T19:34:00.000-08:00India's middle class is drowning in growing consum...India's middle class is drowning in growing consumer debt, generally thought to be an American disease.<BR/><BR/>The amount of unsecured loans and credit-card receivables more than three months overdue is about 7% to 9% of total loans outstanding this year, and is about to head as high as 15%, according to ratings agency Crisil Ltd. in Mumbai.<BR/><BR/>For some, the problems are overwhelming. When police broke down the door of the Nair family's suburban apartment here earlier this month, they found four bodies and 73 credit cards. Burdened with too much debt, the Nairs decided to take their own lives, police suspect. A.K. Nair, 70 years old, and his wife, Shyamal, 60, swallowed poison. Their middle-aged son and daughter hanged themselves.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.com