There was a time when people saved money for things they wanted to purchase. But nowadays people go for credit cards to buy things. In our family we always used to save money and then buy things that we wanted. Credit cards push people into debt trap. I know people who have even six credit cards. They go on a buying spree and get themselves into quagmire. Owning credit card also appears to be a status symbol. Living beyond means will always bring doom. Aadi kazivu, and festival discount sales are the traders trick to boost the sales. But people easily fall prey and buy unwanted things using credit cards. I heard a driver and conductor of a bus commenting that people lament that they are short of money, but how come that all shops at T.Nagar were over crowded. I wanted to say that people had the Aladin's wonder lamp, the credit card. After retirement we took a debit card to avoid carrying cash. So be cautious with your credit cards as white collar crimes also are increased. Pushpavalli
Credit card tempts you to buy unnecessary things I too agree but one needs to also understand this money has to be returned again. Credit gives us a liberty to enjoy things which we can't afford to buy at present but can pay later. Paying later is a thing which people tend to forget or skip to do it. This then impacts the individual very badly and puts in a debt trap. Using credit card responsibly is a task and one needs to do his or her monthly budgeting accordingly. Credit usage is also linked to your credit score. To know its impact you can visit Welcome to Credit Sudhaar: Credit Utilization rate and its effect on Credit Score
Dear Deepali, Thanks for the link you have given. As retired senior citizens We don't prefer to have credit cards. Our children do have credit cards and they use them judiciously. PS
