People today increasingly use credit cards to make monthly purchases. Do the advantages outweigh its disadvantage? IELTS WRITING TASK-2 | IELTS

 People today increasingly use credit cards to make monthly purchases. Do the advantages outweigh its disadvantage?

Indubitably, there is paradigm shift in the mode of purchasing. It is often argued that in the modern era, millennial prefer credit card over cash or direct debit transactions. However, even though this practice brings about a mixed bag of boon and bane, the merits outshines the demerits  

Apparently, credit card has been lifeline and welcomed warmly by people of most nations which holds wide range of constructive benefits. Firstly, not only do they reap benefits by buying groceries at discounted prices, but also have considerable contribution towards balancing out their monthly expenditures under budget. To corroborate, according to a BBC research on people, it is revealed that people have a keen interest in credit cards where they are able to save up to 30% of their expenses. Secondly, unlike the bygone days when spending power of people was far less, they are now able to spend and save at an unprecedented scale using the credit cards and even repay the bills on time. Hence, they are able to derive benefits and it proves to be a big advantage for them.

Nevertheless, it entails detrimental ramifications. Chiefly, if millennial keep on haphazardly spending using the credit cards with bizarre limits provided to them, subsequently they will face dismal consequences. To vindicate, according to Forbes finance magazine it is revealed that 40% people availing the credit facility are not able to repay the balance on time and they fall prey to harrowing debt trap. Furthermore, does this egregious impediment invite to a repayment menace? Certainly yes, as there are teams which hunt callously with potential threats to unsuspecting victims of defaulters. Thus, they are in a vicious circle of blacklisting by multiple organizations. 

To recapitulate, although credit card is a boon to society yet they have some lingering disadvantages. Needless to state, advantages massively tide over the disadvantages.