ADVANTAGES AND DISADVANTAGES OF CREDIT CARD? DOES THE PEOPLE OF MIDDLE CLASS USE MORE CREDIT CARD THAN OTHER PEOPLE?

credit card

Credit card advantages and disadvantages essay

Credit card is defined as “It is the combination of two words first is credit means The ability to obtain goods or services before payment, based on the trust that payment will be made in the future and card is defined as A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit”. According to my views, I partially agree with the statement that middle-class people use the credit card more than other people.

First of all, it is convenient for those people, who don’t want to carry cash, when someone is going shopping. Another benefit is sometimes people of the middle class have a situation in which they have no money to buy groceries and pay bills, so through credit cards, they can easily solve their problems. A person can do shopping and pay bills for it. Bank provide a card limit, which is set according to the person’s monthly income, he has to pay a little amount of interest. Thirdly, it is the best way to shopping online. we can watch internet goods and products cheaper than showroom prices and more variety on the internet. We can easily use the credit card on the internet by just answering some options very quickly. Fourthly, If someone goes abroad then he has no need to convert currency because when we go abroad if we want to go shopping, then we just have to swipe card, the currency will be adjusted automatically by the system. So in these ways, the credit card is very beneficial for the middle-class person.

On another hand, we can say that some people use the credit card for shopping, for their useless name and fame. Secondly, some people of the middle class have less income as compared to other persons in their economy, so just for maintaining their standard and their show-off they use credit cards. So they also have to pay interest which is useless. Another one is, if a person is not able to refund bank money in proper time, then he will come on the blacklist of the bank. Then he will not able to get help from the bank like a home loan, a car loan from the bank. This whole problem occurs only for raising their standard. Thirdly, when a rich person uses the credit card,(who has too much income) he has no worries about paying interest but middle-class people are not able to do the same. Fourthly, the interest of the credit card is very high, which is not affordable to pay by a normal person of the middle class. So it can also become a burden.

In the nutshell, I would like to say that in 21st-century credit card is a very good facility for every person. But everyone must have to use it according to their family income and condition. We must not forget that a credit card demands to be used carefully. It is neither good nor bad like most modern devices.

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