In the modern world, the ease of using credit cards and other financial tools facilitate people to pursue their passion and seek aids in destitute circumstances. Whether these types of borrowing money should be promote as an advantage or not still remains controversial. In this essay, I will discuss both views and give my own opinion.
From one perspective, when used judiciously, credit card can be a powerful financial tool. One compelling advantage is people can juggle unforeseen expenses with the aid of credit card. A credit card can be regarded as a financial backup and a safety net, which is needed in unexpected cases, such as a layoff, accidents or medical emergency. Hence, it keeps people afloat and sustain through turbulent times instead of being suffocating and depressed due to the insufficient amount of money. In addition, credit card offer unmatched convinience for daily transaction and online purchases. Some companies introduce reward points, which can be added up through purchases, as an incentive for their customers. By using credits card, people may earn money back due to their shoppings or receive some extra vouchers in special ocassions.
Conversely, borrowing money frequently without a long-term vision can result in numerous issues. Companies and banks often use sophisticated strategies to manipulate people using their products, offering a substantial amount of money with interest-free loan at first and charge higher interest subsequently. The ease of borrowing money leads to impulsive purchases and overspending, especially among teenagers, as customers may accumulate debt that can takes a hit and becomes unmanageable. Moreover, the approach to online cards coincide with fraudulent transactions. So greedy that people are inclined to unrealistic presents and criminals may rely on that to encroach on their privacy. Nowadays, with subtle technology advancements, stoling money has never been that easy, which leaves no evidence and impedes law enforcement supervision.
All things considered, although this trend is not without benefits, the drawbacks are also worth considering. I highly believe that these types of borrowing money should be used ubiquitously; however, it should be monitored by strict regulations and laws.