Disadvantages+of+Credit+Cards+(Group+4)



Group 4 Disadvantages of Credit Cards A credit card is a complex banking process which is a plastic card with a magnetic strip many people carry in their wallets and purses. A credit card is apart of a system of payments, entitling its holder to buy goods and services based on the holder's credibility to pay back the goods and services. Credit cards are one of those responsibilities that could make your life easier, or could make your life disastrous.
 * //What is a credit card?//**

- Many online retailers have restrictions, in terms of methods of payment accepted - Can compel you to spend more than what your budget would allow - Having a credit card does put you at risk for debt; but this con can be eliminated by managing it correctly - Credit cards are prone to security issues, especially when it comes to online transactions - Credit cards impose interest rates and other applicable fees. This would jack up your spending more than the given price of the things you buy. - If your credit card gets stolen, you are required to pay for the replacement and be inconvenient to apply for a replacement card. It may take months to investigate and resolve any fraudulent or unauthorized charges on your credit card - Having too many cards all at once is guaranteed to get a person further into debt.
 * //Cons to having a Credit Card//**
 * Con's**