GD Topic: Having credit card is good or bad

GD Topic: Having credit card is good or bad

Having credit card is bad or good is a question asked by many peoples, having a credit card is basically belongs to the western culture where first you take the goods then you pay but in India, you have to pay first then you take goods. Credit card now days becoming more popular and many privet sector banks are pushing to their customers towards credit card use instead of debt. Having a credit card is a new concept for our economy let’s find out the pros and cons of having a credit card in this Group discussion.

Having credit card is bad

• Having credit card make us out of control on our expenditure we don’t think too much about prices when we use a credit card.
• The finance charges and late fee charges for a credit card are high.
• Having credit card gives a big monthly bill which sometimes hard to pay at a time.
• For youngsters especially, a credit card is very bad it will make their mind too much luxurious and they will be out of control on their expenditure.
• Expanding too much is very dangerous for our economy if people start expanding too much then the market demand will be increase in rapid rate which can be turned into inflation situation.

Having credit card in good

• There are various benefits to have a credit card we can especially you don’t need to carry cash all the time you just have to keep a card which can use to pay all your bills and No hassle of exchanging currency notes
• A credit card can be most useful when one is cashless, you can put pay all your bill at the needed time you don’t have to worry about the budget.
• If your credit card is lost then it can be easily blocked and your money will be safe but if your money is lost then it is very rare to get back Credit card allow people to pay online bills and online shopping.
• It makes the transparent economy in the nation due to record maintain system Govt. can identify and track the transaction digitally which is advantages for the credit card system.

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Conclusion

Every system has some bad and good side but it depends on the person that how he/she wants to use it. Having credit card is not a problem at all it is making our lifestyle easier and more transparent economy due to record keeping system. But overuse of credit card can make a person uncontrolled on their expenditure which is very bad for the national economy.

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