In recent days, obtaining a credit card can be done through easy steps. However, some people are not able to fulfill their financial obligations, therefore they accumulate debts overtime. This essay will argue that the advantages outweigh the drawbacks. The essay will first demonstrates the benefits of owning a credit card, then will cover the drawbacks and clearly show how the benefits surpass the drawbacks.
We live in an era where the prices are rapidly increasing every year. Leaving people in need for additional financial support. For instance, purchasing a car can be a burden to some people since they are not able to pay the full price in advance, therefore they can purchase or rent a car by using credit card installment. Another necessity would be paying educational institutions in advance, some parents cannot afford to pay the full semester price beforehand. Therefore, by utilizing credit cards people are able to complete essential payments in advance.
One major drawback of utilizing credit cards is not being able to pay back the band leading to accumulated debts. This can occur when in several cases, for instance, when credit card owners are unemployed, between jobs, or they are working as a freelance with unstable income. Therefore, they may not be able to fulfill their band obligations in time. However, this only could happen for certain situations in which people should take responsibility and ensure that they have a secured job to be able to pay their debts back.
In short, while the disadvantages of owning a credit card can lead to harmful situations, I firmly believe the benefits outweigh the drawbacks in which they be solved by ensuring job security before utilizing them.