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

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Over the past few decades, we have familiarized ourselves with the use of
credit
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facilities offered by various financial institutions. Advance
payment
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methods
such
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as
credit
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cards provide
a
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apply
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great convenience in our daily life. While some
people
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argue that these facilities have certain drawbacks, I strongly believe that the merits surpass the demerits of using
this
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payment
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method.
To begin
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with, the main advantage of using
credit
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payment
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is that one no longer needs to carry an excessive amount of cash to purchase anything. The technology used by financial institutions for
such
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services has made it
more
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a more
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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
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, All transactions by card can be monitored by the authorities which enables them to avoid tax fraud,
On the other hand
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, cash
payment
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is difficult to trace.
Furthermore
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, another major advantage of using
this
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service is that it provides loans to
people
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who can invest
for
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in
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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.
For Instance
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, In a city like Mumbai, the average price of a decent apartment is very high,
credit
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payments have enabled
people
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to buy a house, whereas savings would require more than 20 years for the same.
Besides
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this
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, it provides a good source of funds for investment purposes. In Conclusion, Though there are some disadvantages like overspending and liability burden.
People
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should use these services wisely and whenever necessary.
Hence
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,
i
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I
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completely agree that
credit
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facilities are greatly beneficial to humankind since it enables
people
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to invest for higher returns as well as helps them to save some money for the future.
Submitted by roshan.rebello22 on

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Topic Vocabulary:
  • Cashless transactions
  • Financial footprint
  • Interest rates
  • Credit score
  • Consumerism
  • Debt accumulation
  • Expenditure tracking
  • Fraudulent activities
  • Overspending
  • Purchase protection
  • Revolving credit
  • Creditworthiness
  • Impulse buying
  • Secured credit card
  • Unsecured credit card
  • Spending limit
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