Credit Cards – Excessive Use
Several years ago, until the advent of the cards, the entire payment process took place in cash. To buy different products and services, you had to have enough money with you. Since the advent of bank cards, the entire purchase process has been simplified and today, for most things, you do not need cash in order to find yourself in the spending process. From paying for coffee, groceries, clothing, technique, to traveling, you can always reach for your card and the amount of funds will be reduced in your account. Well known, right? All this looks very tempting, you don’t have to worry about how much money you have with you and whether it will be enough for you. In this article you can read the positive and negative consequences of using a credit card .
Credit cards serve as a quick and easy cashless means of payment for goods and services
And also allow you to withdraw cash up to a certain amount, depending on the credit card holder’s creditworthiness. It is from these facts that an explanation arises as to why credit cards are so popular with citizens. They are widespread and are used at home and abroad as a simple form of payment, popularly called “card ironing”.
However, citizens who regularly use credit cards as a means of payment know full well how much care should be taken when using them, or how a person’s own negligence can easily be put into an unfavorable financial situation. When using credit cards, you do not have tangible money, and it often happens that you spend more money to buy products or services than you would have with you. In most cases, citizens cannot afford certain things in cash, so they reach for a credit card and make installment payments at points of sale. This way is not to blame if it is paying attention to optimal spending, that is, spending that the cardholder can afford. Delaying a payment does not mean not paying, but settling a deferred service at a given time for the coming period. This is how problems start when we get excited about a purchase and credit card is pushed to the multiple products and services we want, and yet we cannot afford one at a time.
Credit card debt
Due to a lack of awareness of the real cash at hand, credit card increases personal consumption and thus creates a debt that needs to be settled at some point. How do I settle if my credit card spend exceeds my monthly earnings? In the second case, and that it can somehow cover the cost of the card, there are additionally other planned and unplanned expenses that cannot be paid due to the excessive cost of buying through the card.
There may also be a third type of case, for example, when there are credit card debt, and a quick loan should be raised for something that has been planned for a long time or a cost that has arisen at a given time (schooling, car expenses, unpaid overheads, etc.). Arriving at a bank for a loan, however, the situation is this: due to credit card debt, you are not able to credit any amount of credit. You’re sick of it all, you don’t see the way out, you’re nervous, others are guilty, you blame yourself, and similar thoughts. Of course, a bad financial situation affects every person and reflects on all other segments of life.
In order to avoid the situation described above, it is necessary to have constant insight into consumption and limits. Most importantly, you know the amount of your monthly income and the monthly spending limit that you can afford to pay your financial obligations on time. Therefore, keep deductions for payment for goods and services. Before reaching for a card, think about whether you can afford another installment next month? Unless you are rational in spending, the best way to refrain from making a purchase with a credit card is to not carry it with you in your wallet. Leave it at home and use it when you need to raise money, and use only cash for your purchase.
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