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

Nowadays, many individuals tend to use plastic

money

for every month

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of

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transactions. The prime benefit of

this

is that it provides financial back up at the time of emergency, and the drawback is that people might land up in purchasing more than their budget limit. I personally believe that benefits eclipse the drawbacks. To commence with,

credit

card

users are often in deficit due to overspending. As the

credit

card

provides instant

money

to the cardholder, they can purchase products and avail of services which are out of their budget. Eventually, they may end up with a huge debt which needs to be paid on time;

otherwise

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,

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they will have to pay penalties for late payment.

For example

, in India

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,

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56 % of individuals working in Information technology sectors tend to use cards and ended up in bankruptcy after which they surrendered their cards to the respective banks.

However

, I believe these can be controlled as it is the sole responsibility of

a

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an

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individual.

On the contrary

, the prime benefit of using a

credit

card

is that it provides a financial backup for

a

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an

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individual in emergency situations. If an individual needs monetary support instantly

then

the

card

service is a huge relief to them because it provides

money

without any additional paperwork.

Similarly

, many youngsters nowadays prefer to do cashless transactions as there is no need for them to be scared and conscious about the

money

they have to carry.

For instance

, 78 % of young individuals in Germany tend to buy grocery shopping for more than 500 Euros and they feel stress-free when they pay using a

credit

card

.

Moreover

, it is the easiest and convenient method of transaction.

Hence

, I think these benefits are essential in

i

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an

the

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ndividuals life. In conclusion, even though people may end up in spending unnecessarily, I believe that it can be managed by taking initiatives from each and every individual on their own

,

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apply

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because the benefits of using

c

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a

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redit

card

is

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are

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more as it is secure and can be used in urgent circumstances.