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This is probably the biggest money cow the banks have ever seen. Credit cards are a trap to entice people to spend what they do not have. It becomes a loan that many people are unable to repay on time. The interest charged in that case is exorbitant and is much more than the cost of the personal loan. It is currently an ethical issue in Australia where the opposition is promising to hold a Royal Commission into banking practices.
People need to be aware of the risk they are taking when using a credit card. First, do you really need to spend that much money? Due to its easy access, the prices of commodities have increased rapidly. This also includes what fees the financial institution may charge for financing you.
As prices rise, so does the cost of living, and while wages are falling, the gap between what people are now owed and what they can pay is so large that many are at risk of bankruptcy. have been forced to. This pleases the banks because in those circumstances they can seize the assets, sell them at a price far below cost, and keep the proceeds.
Credit is no different than putting money in poker machines or throwing it out on the street. Trying to make it work for you is a fool’s errand. While it is mostly used by people who are already battling the condition, the condition quickly spirals out of control.
The bottom line is to avoid carrying cash, use a debit card. Don’t spend money on things you can’t afford and don’t really need. Get off the credit cards and put your finances in better shape. If you don’t have the money, don’t spend it.
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