Nowadays, the situation has become such that if someone does not have a credit card, people see him and say – “Hey, haven’t you bought a card yet?” Especially in cities, it has become a status symbol.
tell you the truth, when someone gets a credit card for the first time, there is a different kind of excitement in the mind. It seems as if one has got a magical card – “Buy it now with ease… I will pay you later…”
This is where the habit of spending starts – and this card gradually becomes the reason for trouble.
Let us understand in very simple language what exactly a credit card is, what are its benefits and how it can slowly become a curse rather than a boon.
What is a credit card?
A credit card is a card that a bank or financial company issues in your name. There is a limit set in it (like 50,000 or 1 lakh rupees) within which you can spend on credit.
Meaning – “Don’t pay money right now, just swipe and get the goods”
Later its bill comes every month and you have to deposit that money on time.
Benefits of Credit Card
👉1. Instant help
If you suddenly need something and you don’t have money in your pocket, then the card comes in handy immediately.
👉 2. Easy to buy expensive items on EMI
You can gradually pay for expensive products like mobile, laptop, TV or fridge in installments.
👉 3. Reward points and cashback
Every time you swipe the card, you get some reward points or cashback. This sounds good and gives a sense of happiness.
👉 4. Easiest way to book online
Travel ticket, hotel booking or online shopping – can be done fastest and easily with a credit card.
👉 5. Very useful in emergency situations
Whether it is sick, sudden travel or any other need – a credit card provides immediate benefits.
Now the question – then how does it become a curse?
👉 1. Limit greed = unnecessary expenditure
Because there is a limit on the card, a person thinks “Let’s take this as well, will pay later”. This thinking gradually becomes a habit and the expenditure becomes double than required.
👉 2. Too much interest
If you do not pay even a small bill on time, the bank charges about 30%–40% annual interest. Sometimes it increases so much that people hold their heads.
👉 3. Illusion of minimum payment
People think “If I have paid the minimum amount now, it is fine”, but in reality the principal amount remains the same and the interest keeps increasing.
👉 4. Mental stress
Every month bills, messages, reminder calls… gradually the person starts living in worry. Many people take out another card under stress and the debt increases further.
👉 5. Credit score drops
If you make late payment or forget to make payment, your credit score goes down and if you want to take a loan for home or car in future, the bank refuses you straight away.
How to prevent credit card from becoming a curse?
1️⃣ Use it only when needed
Do not use the card for every small purchase. First of all ask – “Is this really necessary?”
2️⃣ Pay the entire bill on time every month
Do not make a habit of paying only the minimum amount. Make the full payment so that interest is not charged.
3️⃣ Do not keep more than one card
If there are more cards, the expenses will also be divided and it will be difficult to control.
4️⃣ Decide your spending limit
Decide in advance how much maximum amount you will spend from the card in a month and do not exceed it at all.
5️⃣ Do not get tempted by reward points or offers
Often, in the pursuit of “5% cashback”, we buy things that are not needed.
6️⃣ Set auto debit or reminder
Keep payment reminder or auto-debit on to avoid forgetting the last date of the bill.
7️⃣ Review expenses once a week
Take 5 minutes in a week and see how much you have spent from the card.
8️⃣ Keep an emergency fund separately
Try to keep some savings (cash) aside for emergencies so that you don’t have to depend on the card at that time.
9️⃣ Wait a bit before spending big
Think for 10 seconds before spending – “Is this necessary right now? Can this be taken later?”
🔟 Use EMI as a last resort
If you start taking everything in EMI, then the whole month’s salary will be spent in installments. Take EMI only for those things which are really needed.
Conclusion-
If you maintain a little discipline, then a credit card can be a boon for you. But if you lose control over spending, then believe me, this card can slowly become a big curse, which will quietly swallow your hard earned money.
👉 So always remember – Credit card is a facility, not a luxury
Use it only as much as you can pay timely.
What do you think?
Is a credit card a boon or a curse?
Please write your opinion below 🙂
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