Credit Cards are best in weak financial days. Yes, credit cards provide you financial independence at times. If you are salaried, you better know what holding a credit card means in the end days of month. Not every month but definitely in the times of need and crisis.
Advantages of credit cards are many like cash back points, discounts on various sales, interest free period for 20-50 days. But if you look on the other side, there are disadvantages also. Big yes to credit card is always told by credit card providers but in this article, we would discuss only why credit cards are big ‘No’.
Learn From History:-
Credit cards help you many times but are you aware that millions of people all over the world fell into debt trap because of credit cards only. Credit cards has ruined many homes and even forced many to commit suicide.
Credit Card Drives you Credit Hungry:-
Credit cards run on very basic rule’spend now and pay later’. Majority of people spend more when they have luxury of making payments. Spending more maybe reason for ‘show off’ or maintaining ‘social status’. Basic rules of financial happiness says
- Do not buy what you don’t need.
- Do not buy anything because it is cheap.
To the irony, credit card forces you to break both the rules and breaking the rules make folly when it is too late. All you end up making yourself credit hungry.
You go Over budget and Leads Depth burden life:-
You may think, what is wrong in spending now and paying the dues later? It may not be wrong but you will find that you are spending this month and paying next month and again in next month, you keep your card and pay next to next month. This trap is so set that it’ll drag you for decades. You only would feel you will clear the depths next month or in next six months but you will find this continue for years. Exerpt is you will always lead a life in dept only. Your next month payment would have spent in this month only.
Now it is up to you how you decide? You feel yourself one month ahead or one month back.
Thousands of company and millions of people are working behind credit cards. They try to reach you, they try to make you member and make you use credit card. But you see what is overall aim? You might have seen credit cards often push people deeper into dept getting out of which is not easy job. Also we would like to make note that in terms and conditions which you sign at the time of agreement to use credit card, a term is, the company can increase fees, penalties, interest rates at anytime within short notice of two weeks.
What is overall aim of learning, doing cut throat competition? I think it is happiness. You earn so that you can buy all the luxury and comfort for you and your family. But when you start using credit card, at least once a day you definitely think of buying something extra and paying last due. Credit card is like your car. It needs your time for its maintenance. You need time and energy to keep track of payments, dues, reward points which overall creates stress. You may not feel it, you may feel maintaining credit card easy but generates stress in your mind which affects your emotional health.
So think again and decide whether credit card is really needed for you and then only make your decision.