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Credit cards boon and baneBY: devan | Category: Finance | Post Date: 2009-10-03
Went to shop for grocery in a supermarket, picked up items and went to the counter, gave a credit card to swipe !! This is a routine scene in nay shop nowadays from grocery to jewellery to textiles shop. We do enjoy the benefit of not carrying cash and also get some cushioning time to make the payment depending on the statement date . Also by avoiding cash, the notes being handled that many number of times less, the life of the note is increased, indirectly benefiting the government by printing delay. That is the main plus point of credit cards. Now for example we have purchsed for 50000 rs. It can be converted to EMI . Then the interest payment starts . It is no more a free option. Also once an outstanding is there in your card , due to the part payment , whatever further purchase are made are all included in the amount calculated for interest and we have to pay interest for these later purchases from the date of purchase itself . another negative aspect , of course , for those , who realize later the amount of money they are paying extra , using too many cards and keeping track of the payment due dates. Also one ends to use the card often as it is easy to carry and one need not pay immediately , and also even if the item is not a dire immediate necessity , we tend to buy it. Have come across a few people who have been doomed by this simple looking but complicated process of buying through credit card(s) and postponing the payment or making part payment and thereby increasing their liability. They increase their due without following up the slow but steep increase and thereby get themselves into a great financial trap. Nowadays of course the credit card giving banks are monitoring things, to their advantage, of course,that the person does not get any further option to use any card ,even if he defaults on any one of the cards he is holding. This ,in one way seems to be to the advantage of the person that he cannot take further load on his repayment, he may be such a tight position to run even his day to day life that this may be breaking his neck. Of course , if the person has some property in his name , then may be he can come out of the rut, of course , provided , he has not run into other rough weather like share market , or horse race or drinking , casino etc Article Source: http://www.writearticles.org About Author / Additional Info: Credit card experiences of people Additional Articles: * Men- They're Just like Us.. (Women) * Chiropractic - An easiest way to cure back pain and whiplash injury * Tubes Tied And Want More Children Now * Luckless Laura Love * Teaching your Kids How to Spend and Save Wisely Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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