The Dangers Of Credit Cards
Credit cards are being used for a lot of things these days. Once you have obtained a credit card you start using the same for purchases like groceries, in departmental stores, gas station, hospital bills medical items and whatever is required for survival. But we find that more and more people are filing for bankruptcy due to problems created by credit cards. This happens to everybody irrespective of their color, caste or creed.
Credit cards are advantageous for people who use it wisely. But for those who do not know how to manage the credit cards it becomes a nightmare. If you are not able to manage the payments it will lead to emotional problems and will affect you physically. If you are not able to pay your bills on time then it will take a long time to pay off your credit card. Ultimately you will land paying for things you have not even purchased.
Initially making use of credit card for purchases and making payments on time might be easy and very helpful. You will start off with small purchases and your payments will be easily done. This will go on for first dew months. But as days fly by, you will be tempted to make use of your card for a lot of purchases. The payments will be difficult.. Moreover if you miss out on the date of the payment, even a day later will bring heavy interest charges. You will be paying interest for interest. The 0% interest will suddenly zoom to 18% or more. Now starts all the problems. It not only will put you in financial crisis but will start affecting your health. You will start having mental agony as the days go by with the stress of being in debt.
Nobody wants this to happen, but it does creep into the lives of innocent people. It affects all the more for those who do not have a steady job or for those who do not have regular income. It is not advisable for you to even apply for a credit card if you do not have a regular income. You will find that those who are in startup business land up in all the more trouble by making use of these credit cards. They always hope that their business will grow and start using the card for the same. But if they are not able to get the returns on time, then payment for the cards become delayed which ultimately leads to a lot of problems. Thus they end up with not only financial problems but also have to face physical and emotional problems.
It is advisable in order to avoid the dangers of the credit cards you have use it wisely. Make use of your card where there is a necessity and not for luxury. Make your payments on time before the due date of payment. Always pay in full what ever has been spent or pay more than the minimum amount. This will help you overcome the dangers of credit cards.
