Evidence suggests that there is a significant rise in the number of money-consumers having willing to use a credit card more than cash. Although some disadvantages are accruing to credit card usage, I believe that advantages outweigh the disadvantages.
In the contemporary world ,the use of
credit
cards
for financial purposes is being risen significantly over the currency and this
development has its own benefits and drawbacks. In my opinion, I consider the feasibility of online transactions and the possibility of instalment payments
far outweigh any disadvantages it can bring.
Despite the drawbacks below,I believe the benefits gained by handling accounts using credit
cards
are extremely important.Firstly
,people can make their payments
online using credit
cards
with greater confidentiality and safety.For instance
, it is possible to pay the course fees to a university which is established in a foreign country within seconds.Secondly
, it offers freedom to customers by allowing instalment payments
throughout the world.Besides
, electronic items such
as the latest generation laptops and smartphones are available through credit
card
instalment payments
to credit
card
holders with some attractive offers.In short, holding a credit
card
make an evolution in peoples' financial handling.
Admittedly,there are some drawbacks involved in possessing a credit
card
.One problem is that it might lose individuals' control over their expenses.For example
,as credit
cards
validate higher limits of transactions ,there is a possibility of overspending among consumers.But this
issue can be managed easily by keeping eye on available credit
on the card
.Another negative aspect is that they carry high-interest rates compared to bank loans thus
it could be an issue when doing large transactions using credit
cards
, which can occur rarely.
In conclusion, the possibilities of overspending or having high-interest rates are negligible when compared to the advantages that credit
card
usage can bring.Submitted by g.s.subasinghe on
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