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The monthly statement of your expenditures can allow individuals to keep a record about their expenditures. It allows one to trace that where he is spending more. In addition, credit cards are also a quick source of emerging cash at the times of need but are dependent on the credit line of the customer. If the individual makes monthly payment on time it can build credit rating.
On the contrary, credit card has enormous of disadvantages. In the contemporary times, high inflation rates and strict monetary policies have made credits expensive. A certain amount of interest is charged on every purchase, which eventually increases the price of the commodity more. In addition, the easy excess to borrowing allows one to spend more than his or her limits. This shows that individuals spend more than their capacity and this eventually lead people to face credit issues that can also influence reputation. In case of the monthly payments being delayed, a penalty fee is charged on the late payment. This penalty becomes burden for the person who is already facing issues to pay off his or her pervious debts. Moreover, the interest rate that is being charged on the credit card is a lot, the lowest interest card rate is about 11.18 percent, which goes up to a high of 23.95 percent in current times. This means that purchases on credit cards are far expensive than purchases made with cash or debit cards. In case, if your credit card is lost or stolen the others can misuse it. The misuse of the credit card can lead an individual to face certain legal issues till they are cleared. Furthermore, banks charge additional amount of about $50 for the lost or stolen of the credit card. As monthly payments on time can improve your credit rating, contrarily in case of late payments credit bureaus reduce your credit rating that can be a major obstacle for the approvals of future loans. Credit cards
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In 1966, credit cards were now accepted for the payment of a variety of purchases and in 1967 Barclays launched the first credit card in the United Kingdom. From this time the bank card industry grew at a rapid rate.
Debit cards are important in that they help users budget since the bank balance decreases with each transaction, which reduces the chances of overspending. Credit card on the other hand offers the users an opportunity to spend more that they have and pay later.
In conclusion, one would have to agree with Ed Bell’s assessment that we should stop being indiscriminate in our use of technology and should instead focus more on those that are of more use to us. There are various types of technology and some of them affect us whether positively, negatively, or both, such as how it has improved our way of life in such areas as industry, data management, and entertainment.
No, she's not hanging around with the wrong crowd, suffering from a medical ailment, or experimenting with drugs. Instead of studying, Leesa has been busy working at a minimum wage job just to pay her mounting credit card debt.
B. Thesis Statement: It may sound outrageous, but student credit card debt can lead to academic failure as well as a lifetime of ill health, and students should complete a course in credit management before applying for a credit card.
This fee included a service charge, and interest on the principal amount. If used wisely, credit cards are the best possible form of a retail transaction settlement. Avoidance of cash, code security, privacy and credit flexibility make these plastic cards a worthwhile companion.
According to (Sammons)“Sports and physical activity should be fun for kids. It shouldnt be, ‘Youre going to be the worlds greatest athlete or ‘Give up now, kid, because you wont have a chance because of your genes." A kid
It is a way of building the kind of credit that can help secure my loans, housing, even employment in future. I also need immediate communication on my spending without necessarily traveling. A credit card can also be the step number one toward the kind of debt that leads to collection calls and sleepless night.
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