Pros and Cons for Credit Card

Only available on StudyMode
  • Download(s) : 361
  • Published : December 13, 2012
Open Document
Text Preview
Elaine Chan KE
Credit card- a blessing or a curse?

According to a recent survey, credit card is gaining in popularity nowadays. Majority of the citizens aged above eighteen are having at least one credit card. Nevertheless, the number of tragedies arising from bad debts has been surging over the past few years. Is credit card a blessing or a curse? Before coming to a conclusion, lets first get an insight of the issue.

Considering the convenience that credit card brings you, the free gifts as well as the privileges it offers, you will find it not difficult to account for its popularity.

In the past, we used cash for payment, some might write cheques. Gone are the days for settlement with cash. Thanks for the invention of credit card, people nowadays only need to bring their credit cards and they can buy nearly whatever they want all over the world. What’s more, using credit card, you can ‘purchases at once and pay later.’ which means you can well buy things even you do not have enough money. What else can be more convenient than that?

Moreover, without the need of carrying a large amount of cash, you do not need to fear that your money maybe stolen by thieves. It is of course much safer having money stored in the bank account.

Apart from that, when you apply for a credit card, there are usually sound gifts such as air- line tickets and latest appliances. Even if these gifts are not attractive enough for you to apply for a credit card, there are privileges offered from well- known brands. The superiority it provides is extremely appealing.

So, is credit card really that perfect? The above mentioned are just part of the story, there are also various drawbacks of using credit cards,

Undoubtedly, credit card is very convenient. Yet, sometimes, it is just too convenient that people abuse it. Allowed to purchase in advance of payment, unwise shoppers buy things without considering their financial status. Finally, their debts snowball, and lead them...
tracking img