In the present day, it is incredibly easy to obtain credit cards, while some individuals face financial problems and cannot pay their debts back. From my perspective, despite the benefits of credit cards, the drawbacks outweigh the advantages. This essay will discuss both arguments.
On the one hand, credit cards involve trade-offs between convenience and a reliable financial safety net. Getting credit cards alters the way we live, addressing pressing problems. Paying for emergency medical care, for instance, has the potential to save a human life. Therefore, bank-based money serves as a vital financial safety net during unforeseen emergencies. Not only do credit cards help us, but they also improve life. One of the obvious examples is that companies are capable of investing in cutting-edge technologies, meaning they can expand businesses. Furthermore, credit cards boost consumer purchasing power, which leads to economic growth.
On the other hand, credit cards can have severe repercussions for an individual’s life. Virtual money creates an illusion of purchasing power, simultaneously providing a feeling of wealthyness. Credit cards fostering people purchase things even it is not necessary, thereby losing self-control. This is because using bank’s money easier than own money. Furthermore, day by day, interest rates begin increasing, causing long-term bankruptcy, since from 10.000 dollars it will turn into 100.000, after which it destroys short-sighted behaviour. Many people experience a bumpy ride, which thereby leads to spiral chronic debts. Additionally, suicidal prompts, disruption of mental-health and distress, for instance, are objectively due to emotional tension.
In conclusion, despite the limited happiness of credit cards, I strongly believe that it resulting in well-being a human life and provide serious consequences.