In many countries it is easy to apply and to get a credit card.However, credit card debt causes many problems and is hard to pay back. Do youthink the advantages of credit cards outweight the disadvantages? - Ielts Essay
As the plastic money becomes
more popular across the globe, some people have become concerned about the long
term financial implications of this mode of transacting on the users. Some experts feel that because the credit cards
are luring people into debt traps, the plastic money has proven to be a malady
for its users, while some feel otherwise.
Relaxation in the banking
norms and terms and condition of credit card services has helped in
proliferation of plastic money and more and more people are able to avail these
services quite easily. The payment card is truly in vogue, and it has revolutionized
the concept of transacting. These cards offer unprecedented flexibility to
their users, and now, the people intending to go for shopping do not need to
carry heavy hard cash with them. People are able to make purchases of any
amount without having to worry about falling short of cash.
Besides the unprecedented freedom
in making payments, the subscribers to the payment cards services also enjoy a
fair level of protection against theft and loss of money, like they are no more
exposed to instances of pick pocketing, and in case of the credit cards being
lost or stolen, the banks and institutions offering plastic money insure users
against the fraudulent use of their cards.
On the contrary, some people
feel that credit cards are creating several problems. The plastic money being
an attractive medium of transacting pushes people into a shopping spree often
luring them to spend beyond their financial feasibility. This creates a vicious circle, which taxes
the financial resources of the people.
In conclusion, I feel that
although excessive use of credit cards can lead to several problems, plastic
money is a convenient mode of transacting.
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