Question

Speech on credit cards do more harm than good

Answer 1

Answer:

   Credit cards do more harm than good

Good morning everyone present here; I am here to express my views on ‘credit cards do more harm than good’

There is no denying the fact that credit cards are unethical lures to trap for innocent middle class men and women. The credit card companies use unfair practices to first promote credit card services, and then to fleece the innocent, ill-informed customers.  

These credit cards remind me of the cruel usury practices that were used by money-minded usurers in the past. The interest rates were hidden and exorbitantly high. Similarly, in the contemporary times, credit card companies run their shameless and unethical fleecing of their customers.  

The Government should strictly regulate banks’ credit card operations. Credit cards should not have any hidden clauses. I am sure once the customer is made aware of the exorbitant interest rates of credit card service, no customer would like to use it.  

People should also eschew using credit cards. They should not let banks fleece them in the name of credit cards.