These days, there is an ongoing debate between people about people are more using credit cards instead of cash.Although there are a few benefits of individuals doing that, the drawbacks cannot be ignored. In this essay, I shall explain both sides of the argument in detail.
There are a couple of advantages of cashless society. One of them is that, they increase the purchasing power of people. If you have a credit card, you can purchase even if you do not have sufficient cash in your wallet.The other reason in favor of this is that using credit cards, people can also make payments in emergencies.
However, there are disadvantages of cashless society. Firstly it is claimed that excess expenditure is one of the primary cons of having a credit card with oneself. Humans are enticed to spend more than what they earn, as they have more availability of credit. Apart from that, the interest rates of credit cards are very high, which is not affordable for a middle-class person.
In conclusion, there are various merits and demerits of credit cards usage.On one hand, cashless society is more in terms of E-commerce and worry-free shopping, On the other hand, drawbacks of extra spending and someone stealing the money.