Nowadays plastic money replacements such as credit and debit cards are extremely popular, even more than banknotes and coins. Discuss the advantages and disadvantages of this. Give reasons for your answer and include any relevant examples from your own knowledge or experience.

With the revolution of modern technology, digital and

plastic

money

plays a crucial part in society.

Therefore

, credit and debit cards have become exponentially popular over traditional banknotes and coins.

This

essay will discuss both the positive and negative aspects of

this

development.

To begin

with, there are myriads of upsides by availing the features of

plastic

money

.

Firstly

, they are considered to be a financial backup. Emergencies are irrefutable, and withdrawing

money

from banks cannot be possible on holidays;

therefore

, credit and debit cards can be utilized wisely in

such

circumstances.

Secondly

, it eases the masses' lives by preventing them from carrying loads of

cash

while making domestic or international travel. Indeed,

cash

cards are advantageous as they can be used anywhere around the world effortlessly. To exemplify, essentially every bank has an international transaction facility, and by opting that

plastic

money

can be used at other financial centres nationwide since banks have a central connection with one another.

However

, several demerits are associated with

this

trend. Financial institutions often penalize exorbitantly high charges for those who fail to pay their bills on time. Despite providing benefits, risk factors in credit cards are tremendous as individuals have to pay a late fee at times.

Besides

, people have become extravagant since

plastic

cards do not provide the sense of spending more

cash

;

consequently

, they find themselves under financial predicaments.

For instance

, The World Economic Center reported that people's spending habit has radically changed since the advent of

plastic

money

. In conclusion, despite having fewer drawbacks,

cash

cards provide tremendous support and privileges for the community.

However

, individuals should be aware of the usages and downsides to reap the benefits.