Nowadays, some people can easily take a credit card from a bank for their needs.
However, sometimes they have problems to pay back.
I am going to discuss benefits and negative sides of credit money.
The most important advantage in using bank’s money is be able to make dreams come true.
From time to time some people are dreaming about having luxury things and visiting new places.
These can be a car which helps them to commuting with comfort and faster than by public transport, and for locations these can be a vocation on a beautiful island.
So the borrowed money gives the ability to have some things which people dream of right now without saving money for a long time.
However, we have to pay for all things in our life.
So for the “fast money” people have to pay percent for using it.
Therefore all things which were bought by this money cost higher in the long term.
Other disadvantage of the credit is economic risks.
For example, if a recession will hit, person who takes a credit would lose his or her job.
As a result they cannot afford to pay back for their debt, so they can lose what was bought or even more with losing their possessions.
In conclusion, credit money helps people to feel happier, but in the same time it can be the most stressful experience in their lives.
Therefore people have to consider on risks if they want to borrow money.
February 2014
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