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  • Category: Miscellaneous

    Do you think there is more harm than good in using credit cards?

    Many people use credit cards these days. They help in the end of the month when finances are low to purchase things and the credit card companies can be paid later. Some people find credit cards of great help. But others say that they are of no use as all credit card companies are cheats, charge great interest and fool the people. Do you think this is true?
  • #314853
    Hello Mala, actually credit cards are found helpfull whenever you have to buy an important thing urgently and you have less money. Think of it you have to gift something on somebody's special occasion and you don't have money. You wont like to borrow money from anybody else. Rather you would like to use your money. And what if you are going on a date and you don't have money? In such situations credit card is always helpfull.
    Though credit card companies charge some interest for your used money, one will always prefer it than borrowing money from other.

    Electrical is easy!

  • #314889
    I think credit card is useful. I agree that there is bad effects. Still as the above person said it is useful in many occasions. We don't want to get in trouble when we don't have money with us. It is not easy to carry cash with us always. So it is having useful ideas rather than he bad part. So I think that credit cards are very useful in modern society.

    There is not substitute for hard work and no shortcut to success.

  • #314907
    The credit cards may have their advantages & disadvantages.Mostly the advantageous part steals the show.

  • #314910

    Credit card is an useful tool provided you use it sensibly and follow the discipline of making the payments properly on the due date.It can be a useful weapon in terms of plastic money which can be used without hassles when you have to carry large sum of money this is very useful that you can literally go with confidence even if you dont have liquid cash at that time.

    But the alarming points are if you miss out on the payments of credit cards and use them for impulsive purchase then it is going to be sure that you are going to land in trouble one day. Lossing credibility, Paying huge interest, some times we end up taking loans to clear credit card and lot more.

    If you are an impulsive person and poor in managing the dates of payments then credit card is not for you.

    Rahaman Baig

  • #314920
    Judicious use of a credit card is always useful. For one thing, one need not carry much cash with him. They are very handy whenever one wishes to make an unscheduled purchase.

    Purchase with credit card entitles you with repayment period of 50 days maximum to 20 days minimum depending upon the date of the purchase and that too without any interest. Late payments attract stiff interest rates. As long as one is regular with his payments, he enjoys interest free credit from 50 days to 20 days.

    The repayments if delayed will become a burden with high interest rate. Some credit cards provide the facility to purchase items on installment basis without interest. Overall the credit cards are very useful.

    " Be Good and Do Good "

  • #314922
    Credit cards are plastic money. The main purpose of introducing it was to avoid carrying money in pockets. The intention to avoid thefts and shortfall of cash are main reasons for using the card.However, some people who generally are on a shopping spree and not have control on the spends definitely misuse this plastic money. Many people have turned bankrupt due to this uncontrolled habit of swiping credit card wherever available. This also has major repercussions of bank blocking the card and complaining in CIBIL if the amount with interest is not repaid.
    Everything in life has its own pros and cons. It is the duty of humans to exercise self control at all times.

    Aparna Shankarraman

  • #314925
    If used in a proper way it is a very good instrument. All depends upon how you use it and how you spend. It is very helpful when you are in need to buy something and you really don't have any money with you. But you have to make timely payment without any due. Just use credit card as an instrument to help you in time of necessity and make sure you use it only when you badly need something and provided you can repay the amount within a stipulated period of time.

    You are using bank's money and you have no right to delay the payment or take your own sweet time to make the payment. Many people face problems just because thay do not know how to use it. As soon as they get a credit card, they buy whatever possible and finally find it difficult to repay the money and will have to pay interest. They do not pay interest and principal amount for 2-3 months. At last everything will pile up and they will have no way to pay it off. Don't take advantage of a facility you get. Utilize it efficiently and effectively.

    Only use credit card if you can repay the amount.

    "Do not give up, things might not favour you always"

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