It is true that credit cards, as a new method of payment, have become socially acceptable to the masses. Some may argue that credit cards will ruin an individual’s life by offering a way of ease of access to money. However, I am of the opinion that the benefits brought about by credit card prevail over their drawbacks.
Credit cards may spawn greater benefits on individual and societal levels. People not in possession of a good fortune can buy life-essential things in advance, and regular repayments are able to help them pay their debts easily. For example, a semi-skilled student with financial difficulties could receive higher education by paying his pricey tuition fees on credit, and pay back after he is capable enough of finding a decent job. Furthermore, credit cards, to some extents, can immensely boost national economy when people are encouraged to spend more in their daily lives, which unavoidably leads to the sustainable economic prosperity.
There is, however, a certain disadvantage. Common sense informs us that credit cards can generate an illusion that people’s buy habits can be well-managed and self-controlled by repaying a small proportion of their earnings on a weekly basis.
Under this circumstance, the youth would be biggest victims, because most of them are psychologically and emotionally immature, and it is hard for them to exercise self-restrain before spending money on things they like by credit cards. Therefore, they are likely to suffer from uneasiness, anxiety and frustration when they finally realize that the enormous debts have been built up and the possibility of repaying them is very slim.
In conclusion, credit cared are of great assistance to the people who are plagued with chronic financial burdens, but not everyone can well handle them which can persuade people to buy things impulsively.