Are you one of those who view possession of credit cards as a blessing or does it come across to you, a curse?Credit cards are issued by financial institutions to allow the holder or customer to borrow a certain amount of funds depending on a customer’s credit rating. The funds borrowed are usually paid back within a specified period and attracts certain amount of interests.
Although it may be true that credit cards are useful in emergency situations, convenient in terms of carrying less amount of cash around, helps in building your credit history and offers protection over bought but stolen, lost or damaged items. On the other hand, using credit card could make you spend beyond your means or budget, lead you into bankruptcy and make you live the rest of your life in debt.
Surely, the use of credit card has some advantages as well as disadvantages but whether it is a blessing or a curse, depends on you.
Kelly Smith
