In many countries it is very easy to apply for and be given a credit card. However this causes some people problems with debts they can not pay back. Does the advantage of credit card overweight the disadvantages?
Since credit card was invented, it has gained great popularity across the globe. However, while this magical plastic brings much convenience to our lives, the excessive use of credit cards also causes much headache for us. This essay aims to compare the advantages and disadvantages of credit cards.
It is undisputed that credit cards have largely changed our lives. To begin with, credit cards make it easy to buy things. As a no-fuss cash alternative, credit “cards free people from the burden and risk of carrying cash to buy things. Moreover, credit cards offer a quick way to borrow. It is possible that we may encounter various forms of emergencies throughout our lives which may require a large number of payments. In these circumstances, credit cards can be of great help in covering up all these expenses. In addition, credit cards can better protect consumers than a debit card or cash does. If our purchase were not authorized for Instance, we would not bear the loss since we can claim the money back from the bank according to its rule.
Nevertheless, if using a credit card unwisely, we could end up paying lots of interest and racking up a debt we struggle to pay off. First and foremost, credit cards may blow our budget by encouraging over consumption and buying things that we actually don’t need. Besides, our debt can quickly spiral out of control if we fail to pay off our balance in full each month due to the accumulated interest rate.
In sum, I firmly approve that it is hard to tell whether the advantage of credit card outweighs the disadvantage. When used wisely, it can bring much convenience to our lives. But if they are used Inappropriately, we may easily fall prey to this small yet magical plastic card.