Credit cards had been a popular form of purchasing items on a “chargeable” or borrowed term.
The advantages of having a credit card are:
1. Security, since one does not have to carry a large amount of cash to purchase certain items.
2. Convenience. In case one has to purchase an item that is immediately needed (and is out of cash), these can be purchased using a credit card
3. Cash advances. Purchases that require cash payments may still be accommodated by the credit card through the cash advance feature. This works like a regular ATM transaction (with of course a corresponding interest rate)
Disadvantages
1. Interest rate. Unlike purchasing with cash, credit card charges come with a corresponding interest (unless paid before the due date). The consumer should be aware of the various interest rates offered by the different credit card companies. One has to choose the mode of payment (plus the interest rate) that would best suit his or her capacity to pay.
2. Overuse. A consumer tends to purchase items that are not really needed or included in their budget if they have a credit card that is ready to use.
3....
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