Print Document or Download PDF

Essay on Credit Card Lifestyle - 1100 Words

Feed by Manisha Cat- Essay

Essay in very simple language with the boundaries of different words here. Here you can find Essay on Credit Card Lifestyle in English language for 5, 6, 7, 8, 9, 10, 11, 12 and banking or other competitive exams students in 1100 words.

Credit card usage has become so common that someone really thinks there is no life without credit card or not. An added question is if life is present without credit card, then is it alive? In today's instant satisfaction world, the idea of ​​passing a credit card in the favor of cash-only life style seems to be foreign in the form of matching a handwritten letter through post office. Yet there are many instances where some people have declared, 'Enough!' And dedicated to dedicating himself to the credit card's life.

For most of the so-called free, polished and educated people, credit card is the most credit card. All non-card holders are those who are unable to get a credit card, or those who choose not to use them. Many of them do not qualify for credit due to bad credit, no credit, immigration status or any other reason without credit card.

Even when people suspend creditors and their privileges by credit card companies due to non-payment, many of them choose to stick to their cards. They are still contrary to leading a credit card-less lifestyle. That's because credit cards provide them with a lifestyle experience that they otherwise did not like.

For example, a person can take a one-month long journey on holiday cards with the full expenditure on credit card. Most people, especially the new generation, do not see credit cards as loans from the bank, but see as extra income. Credit limit? 50,000 It often comes to understand that the person has it? 50,000 to spend

The credit card was originally designed as an emergency card, when suddenly an unplanned expenditure crop is used, then easily available loans are used. If such a requirement arises, then there was a way to prepare themselves for the need to take advantage of credit in the future. Do people remember that in such situations, the debit card can be used equally, which traditionally demands a credit card.

Living a happy life without a credit card is absolutely possible. They are not a requirement. It seems as if thinking has evolved that we have a credit card. However, the reality is that the practice of credit card issuers can be harsh on individuals. More and more people are stopping the use of credit card after bad experience with them.

Although banks will be easy to blame for higher credit card bills, increasing interest rates and not cutting down on cards, but when credit goes out of control then the cardholder's fault is made. Actually, credit cards themselves are not the reason of someone's debt. Instead, it is misuse of credit which is to blame. The problem is that many people, when they have paid their debt, are eager to jump back to Debtville on the credit card express. This is because in a credit-dominated society, many people want to re-enter the world of credit without any substantial reason.

The easiest way to handle credit cards is to pay all outstanding dues at the end of the month. In fact, many of them who do not pay their balance every month, they can not easily afford. Many people help to deepen the debt due to the increased cost of life, a set income and lack of financial security net. Paying each month gives a revolving line of credit, which is very useful. It works as a short term loan where you take money and then pay later so that you do not pay any interest rate or fee.

After all, an educated consumer should be because credit card companies want a fair share of profits from the transactions associated with these simple plastic sheets. If they can not get the benefit through fees, then they will work to get them through interest rates. In some cases you can spend more to use a credit card, in fact you can spend using the card.

Even in India, credit cards have acquired land with many banks, so people are encouraged to use them. The introduction of foreign banks in the country has made the credit card more popular. Some of the issuing credit card banks are State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, IDBI Bank, ABN AMRO Bank, Standard Chartered, HSBC and Citibank. These cards have been able to convert Indians' spending habits heavily. People do not believe in the old concept of 'simple life, high thinking'.

For more and more Indians, staying on borrowed money has become a real story. Do not borrow to build houses in homes or build a property like buying a car, but also borrow from food, transport and medical bills to meet the basic consumption needs to repay the loan. Credit cards help people deal with modern lifestyle which is broadly based on branded existence and grand expenditure.

These cards allow people to go to a shopping bung, which is the best way to fight depression by motivators. And rural India too is not far behind in this case. Thus, Indians, who used to fall in debt at a time, are enjoying it at this time. It seems that they have given credit cards permission to run their lives and pockets.

While a credit card makes the person life-saving and easy, credit card theft and fraud are a problem that is slowly but definitely outside the control of the world. Card cloning is the latest in a series of issues faced by the banking industry, through which card pumps are recorded during the transaction in petrol pumps and supermarkets, and email is sent worldwide for illegal withdrawal from ATM.

While banks and officials are battling stolen and fraud, these are not only kannada and tricksters, which people need to be careful. People are duplicated by offering zero percent interest card, only after a few months interest can be taken. Then there is no common occurrence of sudden increase in interest rate, without any predecessor.

While the banks have the discretionary powers to make changes, RBI guidelines tell that the total annual percentage rate can not exceed 30 percent. It is interesting to note that the RBI has issued a list of guidelines, but generally the consumer is not released.

Late payment is another issue that suffers most consumers, because interest payments are made on unpaid balance. Many people pay checks on the due date, and there is no mechanism to record the date of payment, card companies sometimes consider the opportunity to slap late fees. Some banks have also introduced the concept of charging people not to use their credit card.

And finally, banks have the freedom to reduce the credit line. The only way to avoid decreasing your credit line is to pay your credit card bill over time and pay more than the minimum requirement.

Read More.


Go Back