Do you think credit cards are social evil. Give your views ?
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It's often thought that credit cards are the devil. ... Here's the truth though, credit cards can be a necessary evil. These days, just making it through the day without needing some form of credit card is nearly impossible. And as much as you may hate the idea of using a credit card it can have its benefit.
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We live in a culture where we are continuously bombarded with advertisements; the kids love to watch cartoons on a Saturday morning and all they are being shown is “you need to buy this product, you need to buy that product. Buy this, buy that and so on. Even adults are not being spared, adults are being told that you don’t need to pay now, you can pay a year later. An advertisement which came recently had an option of booking a car with your credit card and start paying your EMI’s a year later. And Finally “You have to pay it later is what haunts you”.
We always have this tendency to have the latest. If we don’t have a certain feature on the phone, we aspire to get a new phone. Not to mention the lucrative offers available over credit cards which persuades us to buy a new phone. During old days people were experiencing many social problems, but now in the modern era, most of our existing problems are solved. The companies unfortunately cannot stop manufacturing, the companies’ show that we need to have a better life and eventually persuade us to use our credit card for a better life.
It is indeed very alarming that people have less respect for their money or rather to spend money wisely. Earlier if you had earned a rupee you would save 50 paisa for a rainy day, but now we live in a culture where we are increasingly led to believe that there is no Rainy day. You just enjoy your life at the fullest at the present moment and have faith that things will work out well. Credit card gives you the flexibility to spend money even when you don’t have it. We first get addicted to it and then it gradually leads us to obsession. Rising e-commerce enhances us to spend more and eventually lead us to spend on items which are absolutely unnecessary which leads us to take credit from the bank to buy such items. Take the Flipkart mega sale, for example more than 50 % of the transactions were done via credit card. Why?? Not because you need that item, but you are being lured by fancy discount schemes which end you up in debt.
Nowadays it has become a status quo if you hold multiple credit cards with numerous distinction such as platinum, diamond, silver and many more to mention. Credit cards are indeed the most expensive means of borrowing money. One should be very cautious before he makes a purchase with his credit card. But I must agree with the fact in this modern life you need some amount of credit. So, the next time you apply for a credit card remember to tick the auto debit option so, at the end of every month you get a knock on your head once the amount is debited from your bank account and you end up spending your money wisely. Or the next time you end up purchasing something with your credit card don’t hesitate to ask yourself “Do I actually need this??”
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