Nowadays it is easy to apply for and be given a credit card. However, some people experience problems when they are not able to pay their debt back. In your opinion, do the advantages of credit cards outweigh the disadvantages?
These days, loans are easily available in the form of
credit
cards
and one can get them easily by looking at the Internet and applying for the same. Financial companies are making huge amounts of money by charging interest rates way higher than the normal interest rates and other charges applicable to credit
cards
. Most people are not capable enough to pay their debt on time and because of this
companies make big profits. In this
essay, I will discuss the impact of credit
cards
on us and will share my opinion.
To commence with, credit
cards
are so common these days that most individuals carry multiple cards
in their pocket as they give lots of benefits such
as cashback offers, discounts and gift vouchers. In other words
, attention card has many benefits when we make any purchase as they provide cashback as well as
some points on each purchase and later those points can be redeemed to get gift vouchers. For instance
, my Amazon credit
card has over 8000 points which is equivalent to INR 2000, with this
I can purchase anything I want.
On the other hand
, cards
come with some drawbacks Also
, if we don't pay the bill on time, banks charge more than 30% interest rates monthly on the due bill. In addition
, it has an impact on the CIBIL score which is not good for certain aspects such
as Future loans and Immigration purposes. For example
, my friend Raju, who was in financial trouble and couldn't pay back the bills on a credit
card he legally declared fraud by the bank which badly affected his CIBIL score Due to
this
, his student visa applications were rejected many times.
To conclude
, In my opinion, using credit
cards
has equal benefits and drawbacks because credit
cards
are really a blessing to humans as they can spend money in case of an emergency. However
, there is another side of the coin as well, if not used properly, one can get in trouble.Submitted by dhingrarahul55 on
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