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Created by : Monica Chandnani, MBA/PGDM student, Govt. Engineering College  | 07 01 2010 10:44:07 +0000
Activity:  1807 views;  last activity : 08 06 2010 14:02:18 +0000
 
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Yes Credit cards are increasingly spoiling our habits because it allow you to build up more debt than you can handle.It can be also noticed that it cost much more than other forms of credit, if you don't pay on time.Adding monthly interest charges means you pay more for the goods and services. Consumers often have more than one credit card and each one has a credit limit. When the credit limits for all cards are added up, the total can be in the thousands of dollars. Consumers can fall into the habit of using credit cards to extend their income.
By Monica Chandnani, MBA/PGDM student, Govt. Engineering College  07 01 2010 10:44:07 +0000
 
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No it is really helpful if you know to use it properly. When you know you will not be able to repay the amount, why to purchase. Don't spend more than what you earn !!!!

 


By Sheetal Bhandari, BE student, PSG College of Technology Coimbatore  07 02 2010 12:05:04 +0000
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What you said is very correct.

People keeps on spending & purchasing the unwanted things with the use of CC & their offers.


By SHRIKANT MANOHAR DANKE, Zonal Manager / Sr. Project Manager ( Civil Engineering), Kumar Properties  | 08 06 2010 14:02:18 +0000
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debt is debt .. even taken from legitimate father .
By Ajay Ziz, Dy. Registrar,, University of Jammu  | 07 05 2010 14:39:25 +0000
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Sorry Sheetal but I disagree your argument. As you say "it is really helpful if you know to use it properly" but due to there negligence people have to pay interest on Credit amount which is uselessly increasing the cost of products and increasing there burden........


By Monica Chandnani, MBA/PGDM student, Govt. Engineering College  | 07 05 2010 11:30:10 +0000
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One of the major disadvantages of having your own debit card is that you will have that power to purchase almost anything – even that items that are no longer within your budget’s range. Therefore, you would be obliged to pay it slowly as the bill comes right at your door every month. As a result, the interest will be charged on your remaining balance and it will keep on growing as long as you have not yet paid it in full. Your credit rating and credit history is at stake if you would no use these debit cards properly. You would eventually end up paying two times more than the actual price of your purchase if you don’t know how to catch up on your debts.

The problem with credit card being too easy is that in contradiction to cash which as a tangible feel a credit cards does not. An example would illustrate it. Lets say that you are at a store and would like to buy a product that costs four hundred dollars. If you were to pay in cash you would see in a very visible way the about of money you paid. You will have to count twenty dollar bills and would see how they pile up. This will in turn give you a better understanding and a better feel of how expensive that product is. There are many more bills to count and there are many more notes on the table when buying a four hundred product as opposed to a twenty dollar product.

With credit card this ability to visualize the cost of a product is lost. Regardless of the cost of the product the process is always the same and always takes the same time and requires the same tangible elements. The process is simple the credit card is swiped on a special payment terminal. The terminal then prints a slip on which you have to sign. Once the slip is signed the deal is closed and the charge is put on your card. The only difference between buying a four hundred dollar product and a twenty dollar product is the number printed on the slip which has no tangible visualization.


By Nikhil , Senior Manager, Insurance  | 07 05 2010 07:43:12 +0000
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Yes surely.It gives u a chance to spend without any reason simply because your friends are spending for their needs. This leads to a show-off nature of spending money that you have earned after lot of hard work. One must control him(her)self on spending of money by restricting themselves from free availabilities...
By BIBHASH ROY, Assistant Professor(CSE), TIT Narsingarh  | 07 04 2010 20:23:22 +0000
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The purpose of CC is to make the life of individual easy. By habit, people are overspending & over-committing beyond their capacity only to invite more misery!
By Lakshman , Business Analyst, iTeam Software Solutions  | 07 04 2010 13:45:20 +0000
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CREDIT CARDS LEAD YOU TO UNWANTED MISERIES AND CONSIGN YOU TO A POINT OF NO RETURN.
By s.baalu , Consultant, XYZ LTD  | 07 02 2010 13:41:10 +0000
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A credit card is a marvelous creation. It reduces the cost of taking out small loans, makes carrying cash obsolete and is very safe if used with caution.

It is entirely upto the customer and his judgement if he/she misuses this opportunity.


By anup mahaswari, Equity Analyst, Stier Market Solutions  | 07 15 2010 14:14:02 +0000
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that's depend on the use of credit card.we don't have requirement to pay every time with credit card, but we have to used it specific purposes.
By Chandra Prakash Agrawal, Sr. software Engineer, Capgemini  | 07 06 2010 07:10:43 +0000
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You should have your mind in control, as TV has many channels can we blame the operators it is you to deside what to watch. 


By Rajendra Gadre, Marketing Manager, Vinayak Gypsum & Interiors (P) Ltd  | 07 06 2010 05:39:50 +0000
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It depends on each one's approach. For those who uses it according their income credit cards make them financial security. For those who are shpoaholic or have atendency of post poning things it is some how affect them badly....

Thanks Sheetal....


By RAHUL SMITH, Freelancer, Radio, TV & Films  | 07 05 2010 07:01:13 +0000
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Credit Cards provide financial security and ease for marketing and/or travels.No questain of 'spoiling habits'.
By R N Bhattacharyya, Freelancer, Freelancer  | 07 05 2010 06:17:40 +0000
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In a present scenario getting Credit card is bit difficult because of Bank policy and criteria for issuing CC...and more over people all getting a proper education how extent they can utilise the CC in limited period of time...they know pro's and con's of over utilisation of CC..they have learnt by their mistakes offcours making mistake is process of learning...so CC is giving a nice practical education in all perception to the society....if he/she cross their limits by over spending they has to pay for it.....so think twice before swiping the CC............
By Manjunatha Venkata Prasad, Executive Merchandise Payables  | 07 04 2010 18:33:22 +0000
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Credit card is a facility, how it can be a spoiling card!! Society is a mix of good and evil things; it all depends on the person what he takes and what he hates. Offcourse, the purpose of credit card is to make your life more easy; typically when you are in financial crisis or need. If somebody takes credit as granted and subside the fact that the money lended by bank on credit has to be payed back. I would say it is complete ignorance and misconception among people. What ever be the name, bank gives to its products say Credit card, personal loan, home loan etc all are a kind of debt. It is not right just to blaming one of its product like credit card whcih gives you a privelage to spend when your wallet is empty and you fumble in your pocket to get a single coin.   


By Rupesh Ranjan, Analyst, Progressive Digital Media Group  | 07 04 2010 08:02:49 +0000
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CREDIT CARDS ia a very useful facility But must be used wisely. This facility if misused can spoil the habit.


By Krunal Kothari, BDO, GLOBAL EXIM  | 07 03 2010 06:01:16 +0000
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its depend on our usage only in real its only help us to fulfill our needs upto a sort of limit or maintain our prestige in market if we get shortage of money in market "Kunal Kothari" U r absolutely correct
By monika computers, providing IT services, Vohra Industries  | 07 02 2010 14:38:02 +0000
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