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

Over the past few decades, we have familiarized

ourseleves

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ourselves

with the use of

credit

facilities offered by

the

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apply

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various financial institutions. Advance

payment

methods

such

as

the

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apply

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credit

card provide

great

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a great

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convenience in our daily life. While some

people

argue that these facilities have certain drawbacks,

i

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I

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strongly believe that the merits surpass the demerits of using

this

payment

method.

To begin

with, the main advantage of using

credit

payment

is that one no longer needs to carry

excessive

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an excessive

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amount of cash to purchase anything. The technology used by financial institutions for

such

services

have

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has

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made more secure and safer way to process our transactions. Cashless transaction is very beneficial for the nation as it lowers the rate for any chance of corruption.

For example

, All transactions by

cards

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card

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can be

monitered

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monitored

by the authorities which enables them to avoid tax fraud,

On the other

hand

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,hand

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cash

payment

is difficult to trace.

Futhermore

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Furthermore

, another major advantage of using

this

service is that it provides loans to

people

who can invest for the future. It facilitates the middle-class society with

affordability

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the affordability

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to buy a house or a car. With the property rates soaring high each year, it is extremely difficult to purchase a house based on savings.

For Instance

, In a city like Mumbai, the average price of a decent apartment is very high,

credit

payments have enabled

people

to buy a house, whereas savings would require more than 20 years for the same.

Besides

this

, it provides a good source of funds for investment purposes. In Conclusion, Though there are some disadvantages like overspending and liability burden.

People

should use these services wisely and whenever necessary.

Hence

,

i

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I

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completely agree that

credit

facilities are greatly beneficial to humankind since it enables

people

to invest for higher returns as well as helps them to save some money for the future.