In this era of economic boom, and rise in the banking sector, people are getting multiple services and options to deal with their financial requirements. Apart from banking we invest money through banks, take loans, buy bonds of various values, and at last, but not the least we have credit cards. Credit cards, a new kind of mortgage which enable people to buy anything on credit, they can even buy a car. But, is it more convenient or troublesome?
No doubt, credit cards have saved us in many financial situations and saved us from the embarrassments. Provided us with easy money during various emergencies which require immediate money and we did not have to run to borrow cash from anybody. Such things have happened with me and my friends multiple times, and this piece of magnetic plastic had played a role of a savior.
However, it has a dark side too, if not managed adequately it will make you end up into bankruptcy. For instance, one of my friends had a tendency to buy multiple stuffs on credit without giving a thought about paying the card’s bill and added interests. He was kept loosing most of his salary paying those bill but never managed to get rid of them, on the other hand he end up adding more to it, and ultimately he perished. Somehow we helped him out of this situation.
In conclusion, taking credit is a delicate issue, should be handle with proper manner. Sometime its benefits may become the precursor of your nightmares.
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