Question

Study of merits and demerits of plastic money based on experiences of people

Answer 1

As we know that with passing each century people & governments changes their way to do business or payment modes. Earlier we used to do business by chances of things, later there were currency notes as value to good & services. Now 21st century belongs to plastics money. We pay & received amount by Plastic made ATM cards (Debit & credit cards) & by electronics fund transfer.

Here are few things about Plastic money.

It is good option against carrying huge cash amount or doing any large payment at a time. We suffered less by theft or loss of cash amount .Online payment solutions always available. Easy to carry anywhere. It gives us time advantages against cash payment in form of credit card. Buy now & pay later .Savings on interests in account. But as we know that everything has its own limitations. Here Plastic money not untouched. We can’t use at small retail shopping. We can’t use at daily shopping at nearby our home. We have to look out for bigger stops like Malls or Cinema halls. Biggest threat is lost & misuse. If misplaces it can gives many sleepless nights .Damage in magnetic strip by over uses or same problem in swipe machine .Increases our shopping & spending habits. Later we may run on shortage of savings. Extra charge on card payment & late payments. So bottom line is that careful & wise use of plastic money   can make our life so comfortable   otherwise it is a nightmare dress like day dream.