In many countries it is very easy to apply for and be given credit card. However, this causes some people to have problems with debt they cannot pay back. Do the advantages outweigh the disadvantages?

Although

credit

cards are easily approved in several countries,

however

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however,

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these quick approvals can sometimes lead to the problem of bad debt for banks.

This

essay will demonstrate how early approvals can generate benefits like liquidity and ease for customers but at the same time can lead to bigger

issue

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issues

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such

as

uncertainity

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uncertainty

for banks and bad

credit

score

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scores

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for customers.

Whilist

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While

acknowledging that there are plenty advantages of

this

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to this

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scheme, the essay will argue that the advantages outweigh

disadvantages

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the disadvantages

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.

Due to

cut

throad

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throat

competition in

finance

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the finance

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industry to attract more and more

customer

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customers

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, one very famous big

bank

called icici

bank

came up with a scheme called "easy apply, quick approvals".

this

scheme claimed that it won't take more than 5 min for a customer to apply

and

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for and

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approve a

credit

card

while

sitting at home.

This

product provided instant liquidity and

convinence

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convenience

to many, people now

instead

of borrowing money from their parents or friends can just apply for

credit

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a credit

the credit

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card

on

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with

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a click.

This

gave people a sense of financial stability and reduced financial stress of many.

However

,

this

sense of financial stability came with a price tag, which people realised quite late. The interest charged on these

credit

cards

were

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was

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much higher than a personal loan from a

bank

, which ultimately

lead

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led

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to

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the unability

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unability

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inability

of

populance

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populace

to repay the

bank

.

This

unability

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inability

of

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to

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repayment

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repay

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not only

lead

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leads

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to a bad

credit

score it

also

refrains them

to get

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from getting

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any

further

loan

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loans

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from a financial authority in the future.

Furthermore

,

this

burden of debt

effected

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affected

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many mentally and directed many in the wrong direction.

To conclude

,

eventhough

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even though

credit

cards provide numerous benefits to an individual's financial state

it

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they

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also

puts

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put

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a person in

a

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apply

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financial distress if unable to make the repayment on time.

Hence

, the negative effects of

this

financial product

definately

Correct your spelling

definitely

outweigh its benefits.