Disadvantages of credit cards
June 26, 2009
There are many disadvantages associated with usage of credit cards. Firstly there are many people who spend more than what they can afford. The credit keeps on increasing and a stage comes when they are not able to repay borrowed amount. This situation is known as credit card debt. It not only makes person in a tough situation but also associate bad credit with the name of person. Merchants who accept payments through credit cards get their money back after long time when purchasing was done. Merchants who are not very effluent suffers through situation where inflow of capital stops. For banks issuing credit cards there is also a disadvantage. There are people who do purchasing with credit cards but are not able to repay it. In such a situation they declare bankruptcy. When bankruptcy is declared person does not pay any money back and the bank looses that certain amount.
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[…] donsurber wrote an interesting post today onHere’s a quick excerptThis situation is known as credit card debt. It not only makes person in a tough situation but also associate bad credit with the name of person. Merchants who accept payments through credit cards get their money back after long time … […]
Thanks for sharing such great post, according to me we keep the credit cards as an added facility, but sometimes it cost us too much for making payments of the credit card bills.