One of the most common ways of purchasing things nowadays is by making use of a credit card. It has become a common way because it is an extremely convenient way of making purchases. ?However many people question as to whether or not credit cards have a beneficial effect on personal finances.
Some people believe that the effect of credit cards is beneficial on a person?s personal finance because these credit cards are extremely easy to use. There are other people who believe that these credit cards cause more harm and damage since they are more expensive. This is because when people have credit cards, there expenses are much more than when they would have cash and this leads to more of a financial chaos and burdens a person?s personal finance. So which of the two opinions is true?
Generally speaking, if a credit card is used appropriately and in the way it is intended then it can turn out to have positive effects on finance. In order to use a credit card properly, it means that these cards should only be used when a person has to face an emergency. Since an emergency is something which is not experienced on a daily basis, the amount of money spent through a credit card is not very high and hence the finances are kept under control.
To have well balanced personal finance, every individual should match their expenses with the amount of income they earn. The same method should be used when making use of a credit card. If you end up buying more things than you could pay for, you would have to face a great deal of loss. If you feel that you do not have enough income to make use of your credit card, then do not make use of it. There is no point in using a credit card and buying things which you cannot pay for.
It is the duty of every individual to keep an account of how much they earn and how much they spend. Credit cards are certainly a blessing and come in handy but when they are used in the wrong way, these cards can prove to be quite a burden. It is always advisable to keep a check on expenses and incomes and to plan out your expenses according to the amount of money you have.
Source: http://www.blogstrend.com/personal-finance-important-aspect-check/
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