Credit Card - A Boon Or A Bane?

for me its a boon, because i am just fed up with the debit card facilties of the banks, every time i withdraw my own money from the atms they always going to charge some sum , they much changes their policy for debit cards. credit cards are goods and can be use any place. while debit cards have restrictions.

There are a lot of people who really think that the credit card is a license to have more luxuries than they really should have. Sadly, the uneducated people who use the credit card in an irresponsible manner are just really something that is really causing a lot of people really suffer because of them. Credit cards are not something that is a toy. Yet, there are going to really be a lot of times where people are not going to really be ready for a credit card. They misunderstand that is only something that should really be done rather sparingly. Yet, people use and rather misuse their credit cards. It is a rather frustrating thing for sure and people dig themselves into a hole that they quite cannot get out.

You are saying it right. Myself can be one good example of it. I was an irresponsible individual, and I hate to say that I overuse my credit cards on several occasions. Now, I truly regret my action, and I should tell you, it is not that easy to take care of all that debt you spent. So, be responsible, and do not overuse your credit cards anymore.

I am not much of a fan of credit cards,because they charge you a interest for the credits and charge an annual fees for using it.It will come in handy when you don't have money in your account and you want to purchase something.But this fact has ruined many people's life who are careless enough to use credits off limits and finally bankrupt because of the interests of those credits.Reason I got mine is that,many online sites and international purchase sites accept only credit cards and not debit cards.I do not know why this came into existence,but hope they start to accept debit cards too.

Both. It's just like the "grace" given by Lord Jesus Christ to His disciples: it doesn't 'make you sinless' (or 'give you anymore money'), but you can use it (either 'forgive others' or 'spend big') just as if the grace/money is all-yours. What happened to me: I was a college-kid, and of course they were giving cards away left-and-right. Deal is (and this didn't quite hit me at the time), they were all "rich kids" ... at least compared to me they were---me, who has no substantial income and who's not "heir of a huge estate." And I was fine with 'owing up to $1000 and paying at least $10 a month.' But then the magazine-subscription-scammers got a hold of me, charged me as if I was makin` the money I deserve ... and the fact that I do deserve it doesn't change the fact that the money-people are not (as of July 23, 2012) giving me the money I deserve! Being the ONLY True Christian on Earth ( you're right, I don't believe it either ), I cannot "force" people to give me what I deserve; so I got stuck holding the load of debt without enough cash to carry it!

Hello, you have pinned it correctly, using the card impulsively will definitely make it a bane for you, far from remaining a boon! I have been using my credit card for more than 4 years now and I use it only with careful planning of my finances. I base all my purchases on how and when I am going to pay the money back, otherwise I just resist buying with it. The key is to keep paying at least small amounts of your bill and not let it accumulate to a big sum, the interest these banks charge is obscenely exorbitant! Treat it like a debit card, buy only if you are sure that you make the payment next month, only then use it!

If a person is money wise having a zero percent credit car is a good idea. In the autumn I found a credit card deal with sixteen months zero percent interest. I got it and put expenses like my flight to Argentina. I know I have until August this year to pay it all off. Every month I get a credit card bill. I pay more than the minimum amount but not the total amount. I have got another credit card but it does charge interest. I try to pay it off in full each month when I get the credit card bill. Otherwise I would pay interest on the money I have spent using my credit card. When I joined a university many banks gave me credit card and debit card heavy encouragement. I liked getting a student grant and then opening a student bank account. It came with a debit card and a credit card. I got forty pounds for opening that. It was lovely when I got more money because the student grants people had made a mistake. Therefore I opened a second bank account to get thirty pounds. Then I had seventy pounds altogether, two debit cards and a credit card. During my degree days at university I didn't spend all that much on my credit card. I did however when I traveled to New Zealand and the Pacific Islands. It took me two years to pay off that debt. It was a struggle to pay it all off. I loved getting a statement for zero pounds. It is easy to go overboard with spending using a credit card near the beginning a career.

At first you would indeed say it's a heavensent. Beacause let's admit it or not, it is really easier and a lot more convenient when doing a shopping. It is also safer to carry around. plus the convincing promotion of the agents telling how low their interest rates offer. But as soon as grab their offers you can see how high their interests rates. How huge their penalties and the hidden fees which at first you haven't discussed with, you would difinitely say it's a hold up. And it is killing you softly because it reaches to the point that you can't pay the charges and the interests anymore.

It is a good point. One should learn how to use credit card. for example if your salary is Rs.50000 then you must use the credit card for maximum of 12500. i.e. 25% of your salary. It is because next month you must be in a position to repay the credit card bill. otherwise the balance will earn interest and interest will earn interest and it will become a big burden. this is the problem of youngsters in usa. they spend more than their income and end up in a crisis.

I agree with you, but it's not just young people who are having problems with credit cards. Like a few years ago, I tried to buy a house that looked great on the outside... but there were sooo many problems with it & I didn't realize it until we moved in. There was no refrigerator; I thought they were leaving it for me. The dishwasher was broken & I didn't know it until we moved in. The air conditioner didn't work & it was hotter than anything in that house in the summer. The furnace stopped working, so it was ice-cold in there in the winter... There was a problem with the water/sewage pipes... The hot water heater went out & flooded the basement... At any rate, I got a couple of credit cards to help me fix some of this stuff... and things just kept going out on me left & right... These kinds of catastrophes can happen to the best of us, so yeah, we need to teach our youth to be responsible... but when bad things happen, sometimes we have to rely on credit cards.