National Debt Relief Shares Why Consumers Should Be Scared Of Credit Cards
October 30, 2015 (PRLEAP.COM) Business NewsOctober 30, 2015 - National Debt Relief shared in an article published October 14, 2015 some of the reasons why consumers need to be wary of credit cards. The article titled "3 Reasons Why You Should Be Scared Of Your Credit Cards" lists down some of the logic that can convince people why they need to be more careful when using plastic credit.
The article starts off by highlighting the fact that people did not really rely too much on credit cards in the past. In fact, being in debt was frowned upon and actually a taboo subject in the past. People who needed to get a quick loan only had loan sharks as an option and they charged ridiculous interest rates that it was actually against the law.
But over time, credit cards have been able to carve up a niche market up to the point that they broke into mainstream and is already a widely used and accepted mode of payment. But even at this point, credit cards needs to be approached with caution because it can get out of hand and cause so much financial trouble.
The article shares that credit cards teaches consumers to rely on money that they do not have. The way a card works is that the lender extends a short-term loan for a purchase. As with any loan, this comes with a promise of payment at the end of the month or they slap multiple fees and charges for non-payment.
Having a credit card will increase the chances for consumers to get in debt. The article explains that apart from the interests and multiple fees, there is a false sense of entitlement to the credit limit of a card thinking they earned it. But this is not their money and every use is essentially a loan. Taking out a loan puts a consumer in debt.
The article also shares that another reason why consumers need to be wary of credit cards is that it makes them spend more money than they should for a purchase. Again, apart from the charges for non-payment, there are establishments that charges convenience fees for consumers who are using a credit card.
To read the full article, click this link: https://www.nationaldebtrelief.com/3-reasons-why-you-should-be-scared-of-your-credit-cards/.