Nowadays it is easy to apply for and be given a credit card However some people experience problems when they are not be able to pay their debts back In your opinion do the advantages of credit cards outweigh the disadvantages

Today, it is easy to take different credit cards. Although it has many benefits, it may become a serious threat while some people do not pay it back in time or unable to pay huge amounts of money. However, I believe the cons of credit cards far overweigh the pros.

Credit cards are the means of easy access to good some of money. By using credit cards, one can debt money as loan and pay back it later in instalments or repay with interest. This facility help people at times of emergency or something expensive. For example, people usually use credit cards for their expensive holidays. People can be able to spend more money for their needs because it is acceptable everywhere. It benefits the economy as well. Moreover, there are easy ways to pay back money on time such as online transactions. Some banks provide their own credit cards as it ease the repay through accounts but money should be paid on time.

Nevertheless, credit cards have some drawbacks. One problem is that it encourages to spend more money that they do not really have. Also most of these credit providers include high interest rates for the money dept. Another issue is that if people fail to repay the money with interest, the amount may build up, at last it leaves the people in real financial difficulties. It is evident from the newspaper, some people even lost their houses as they cannot pay back their depts. Furthermore, banks have lost huge sum of money through credit cards because of repayment failure, thus whole economy will suffer.

In conclusion, credit cards have some benefits, but it may have negative affects in peoples' life and economy. Thus credit cards advantages overweigh the advantages.