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 ourselves with the use of
credit
facilities offered by various financial institutions. Advance payment
methods such
as credit
cards provide a
great convenience in our daily life. While some Correct article usage
apply
people
argue that these facilities have certain drawbacks, I 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 an excessive amount of cash to purchase anything. The technology used by financial institutions for such
services has made it 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. Correct article usage
a more
For example
, All transactions by card can be monitored by the authorities which enables them to avoid tax fraud, On the other hand
, cash payment
is difficult to trace.
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 the affordability 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. Change preposition
in
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
completely agree that Change the capitalization
I
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.Submitted by roshan.rebello22 on
Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.