In today’s consumer society, credit cards have become very popular and convenient source of spending money. There is no doubt that they provide numerous benefits to the public. However, it is believed by majority that their use brings more problems in people’s lives than advantages.
Advocates of the credit cards certainly consider only the benefits. It is true that owning a credit allows easy access to money and the facility to spend it like a loan, which can be returned later. This could be more useful in unprecedented situation where one has to spend huge amount like treatment in a private hospital.
However, credit cards encourage people to involve in many harmful practices, which they could have avoided otherwise. First of all, it motivates individuals to spend the money, which they actually do not possess. Having purchasing power at hand compels to buy unnecessary practices. Debts can build up and leave people in extreme financial problems. Banks also lose their funds when people are unable to pay back their mounted loans, and as a result overall economy suffers.
Owning a credit card also involve some safety risks especially making purchases online. When people buy products online, their confidential information about credit cards is revealed to so many different parties. So it makes them more vulnerable to hackers who can empty the bank accounts in a matter of seconds and misuse the credit card information. This can ruin the lives of the whole family and is an unavoidable risk at all times.
In conclusion, despite the fact that credit cards make our lives much easier and enjoyable, they can create a number of problems, which have more detrimental effects. It can be expected that people in today’s society learn to live in their budgets and not be tempted by the temporary attractions it offers in order to avoid problems in future