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Credit Card Opposite Arguments

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No one ever imagined that a small card made of plastic would replace the hard and fast currency in our pockets. Credit cards have become the chosen mode of payments in today’s world. It is easy to carry, convenient, and now with the uprising of the Internet and online shopping, it has become even more important to own one. With a credit card, you use money issued by the lender, which then has to be repaid, with added interest to the payment. Credit cards are a great accessory to have when cash is running a little low. However, they also have their downsides. Credit card debt plagues millions of Americans in today’s economy, and if not used wisely, advantages can become disadvantages.
First of all I will introduce couple of benefits that credit card provides for us. Unfortunately there are moments in our life when we need certain amount of money for emergency situations, for example money for broken or lost phone. So if we make an unforeseen, large purchase, credit allows us to buy it at once and settle up later. Besides it gives us the opportunity to spread the cost of a large payment over several months. Another advantage is that using credit cards can help us build a positive credit history. Having a good credit history is also very important, when the credit card owner is applying for loans, rental or even jobs.
However there are some cons of having credit card too. Credit card companies make their money by charging high interest on all of the money we spend on our card. These interest rates will be far above those we would receive from a bank on savings, or have to pay on a bank loan, sometimes as high as 25%. This high interest rate can make it very easily to accumulate debt. Combine with the risk of debt from high interest rates is the risk of blowing our budget. Most people have trouble keeping track of their spending when the money being spent is not

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