In a cashless society, people use more credit cards. What are the advantages and disadvantages of this phenomenon?

In today's world
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,
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people are more inclined towards using
credit
cards which
is
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are
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leading to a cashless society. There are
of-course
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of course
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many pros and cons for not using
monetry
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monetary
transactions
now-a-days
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nowadays
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which will be discussed
further
in
this
essay. Talking about the benefits,
firsly
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firstly
first
, a cashless community provides more economic independence to a person which helps them to afford expensive items even if they have
s
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a
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hortage of money.
Moreover
, one can easily pay their bills and do online shopping just sitting at home by using their
credit
cards.
This
moneyless society has made purchases so effortless that a person need not
to
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apply
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go anywhere for doing all these transactions. There are endless benefits of having a
credit
card
, easy Monthly
installments
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instalments
show examples
is
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are
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one of them too. With all these advantages an individual is attracted towards using these cards and make their life much easier.
Inspite
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In spite
of having
a
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apply
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numerous benefits of a cashless society,
credit
cards do have few demerits as well. Over expenditure is one of the primary con of having a
credit
card
with oneself. Humans are tempted to spend more than what they earn, as they have more availability of
credit
.
This
can result in huge debts and
occassionally
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occasionally
leads to bankruptcy as well.
In addition
, if an individual
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loses
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looses
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loses
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his/her
credit
card
, it can be easily misused by anyone. These days, hackers can easily hack these plastic cards online and spend millions on someone else name which is a high risk of having a
credit
card
. These cards
comes
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come
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with
a
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great responsibility and have their benefits and drawback. In my opinion, if a person
use
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uses
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credit
cards carefully
then
they can be an asset to humankind. We as a user
,
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should always be aware of all the frauds and misusage that can happen with them while using cards.
Submitted by nancy.4737 on

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