The credit card to the general population acts as a double edged sword. There are certainly pros and cons for the impact of the usage of the credit card to certain individuals. In short for credit cards, we can live with it, or withour it.

For those who are do not have sound financial knowledge or planning, credit cards could be a very dangerous thing to indulge in. High gearing and oweings in credit cards could lead to poor credit rating and even bankruptcy. Often, individuals with high balances in their credit cards find it hard to settle the debt and in the end, landed themselves into more debt.

On the other hand, in my opinion, credit cards provides more benefits to a person than harm if we can manage our finances well. The credit card offers the users a convenience by not requiring us to bring loads of cash for purchases. Furthermore, the existance of 0% Credit Cards and 0% Balance Transfers offers us the facility to pay for large purchases by instalments without additional interest. We can opt to collect reward points and redeem prizes and gifts too for certain providers of credit cards.

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