People today increasingly use credit cards to make monthly purchases. Do the advantages of this outweigh the disadvantages?

Credit

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cards are considered as plastic money to replace the original cash in some critical situations. In

this

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modernised world, predominantly their

usage

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has been increasing drastically by society for paying their monthly expenses because of its merits.

This

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essay would discuss the outweighed advantages over disadvantages with relevant examples. The effective

usage

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of

credit

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card

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brings in a certain kind of discipline to the individual. A little more in detail,

credit

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card

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payment gives an additional benefit of using the amount from the bank without interest for a maximum of 50 days.

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, to utilise

this

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benefit, people adopt to proper

time

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management by paying their bills on

time

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.

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, the

credit

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score of citizens is increasing in the recent past years by 17% as per the RBI statistics because of timely payments.

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,

this

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avoids hard cash

usage

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,

consequently

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, drives the nation towards the digitalization. To be more precise, every transaction done by the

credit

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card

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becomes a taxable amount and counted as a white transaction.

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, the governments are pushing the citizens towards the digitalization by decreasing the interest rates of banks.

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, untimely payments make an individual fall under defaulters by the banks. There is a certain

time

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period provided by the bank for each individual based on their transaction dates. People have to abide by that and payback to the banks on

time

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.

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, there are 13% of the overall

credit

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cardholders are blacklisted as defaulters by the banks in the

last

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year.

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, over

usage

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of money beyond their limits is another criteria, pushing the individuals to avoid the payback to banks. To be more precise, people are losing their financial strength and overspending beyond their capabilities.

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, 8% of the

credit

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card

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holders are declared as bankruptcy every year against

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reason. To conclude, the majority of the people across the world are using

credit

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cards for their monthly expenses. While there are ignorable disadvantages of

credit

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cards, the advantages outweigh the disadvantages if every individual is committed and accountable while using the

credit

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cards.