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 you think the advantages of credit cards outweight the disadvantages?
Nowadays, it requires little effort to acquire a new credit card, but does the use of this new tool prove more rewarding, or is it more of a bane, a matter that needs a profound analysis.
To embark upon the discussion, this form of plastic money has made life literally effortless in many ways: there is hardly any need to plan a budget before going out shopping; one can make purchases anytime without having to depend on carrying money. For instance, while paying bills at the cash counter one might fall short of cash, in that case, one would either pull out some items from the cart, or rush to an A.T.M. Moreover, users of these facilities can avail exciting offers: discounts, reward points, and so forth. In a crisis, many middle-class people depend on credit cards for their daily living and they get a certain time period to make repayments to the banks.
Nevertheless, there is always the other side of the coin. It has been observed that while using this mode of transacting many often end up spending more than what they afford, which pushes them into serious financial troubles, making them vulnerable to exorbitant penalties, fines, and a poor credit rating, and so forth, and eventually, crises, stress, worries, and anxiety, among others. Furthermore, since the proliferation of this form of money, instances of bank frauds all over the world have also witnessed a steep rise, making people pay back for the purchases they have not done.
To recapitulate, every coin has two sides, but credit cards are laden with a plethora of advantages, which eclipse all the pitfalls. Hence, I believe that one must make prudent use of such privileges.
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