AN ESSAY ON CREDIT CARDS (ADS VS DISADS)

Nowadays it is easy to apply for and be given a credit card. However, some people experience problems when they are not be able to pay their debts back. In your opinion, do the advantages of credit cards outweigh the disadvantages?

It is true that in contemporary times, applications for credit card are approved quite quickly, leading to some peoples huge debts which they cannot pay off. Personally, the drawbacks of credit cards outweigh the benefits.

Unquestionably, credit cards offer convenience, and comfort especially when you are in an emergency and can be beneficial to the whole economy. Specifically, just like a loan, a credit card provides users with immediate access to money. It is absolutely useful for long holidays or shopping trips. Credit cards also encourage people to spend money, which directly stimulates consumer demands. This is of great value to the market and economy as more supply is needed and more jobs are likely to be created.

Despite the advantages mentioned above, I would contend that the anticipated problems of credit cards are far more considerable. Firstly, as people may use overdraft facilities offered by banks, they may spend much more than they have and become heavily indebted. When debts build up and people are plunged into real financial difficulties, everyone suffers: those in debt lose their houses, and the banks lose money. The maintenance of family happiness can be handicapped by these debts, too. In fact, debts resulting from credit cards are linked in part to a number of marital difficulties and broken homes.

In conclusion, from all of the arguments presented, I am strongly convinced that although credit cards are advantageous to users to some certain extent, the disadvantages are worth more consideration.