Credit cards have been getting a bad reputation because of the increasing number of credit card users falling into severe financial problems due to irresponsible spending when using credit cards. It really depends on the way you use your credit cards.
Credit card debts are just like any other debts. Debts when used for the right reasons brings good outcome but when used for the wrong purpose, debts without a doubt can bring bad consequences to our lives. Just like almost anything you have in life, credit cards can either benefit you or the other way round. Remember, everything has its pros and cons.
Credit card is the perfect alternative to cash as it smoothens the process without you having to carry heavy loads of cash to purchase expensive things you’ve been craving for. However, you have to be disciplined as much as when you’re using cash. Card cards are merely an electronic payment instrument which allows you to purchase products and services without using cash.
Research has shown that credit card debtors are recorded as the second highest debt among Malaysian young workers. Here is a survey conducted by Consumer Research & Resource Centre, Malaysia for the Central Region in July 2012 on feedback loans of 1,002 respondents aged between 18 to 35 years old:
• 51 % took car loans
• 39% possessed credit cards
• 90% had up to 2 credit cards
• 10% had 3 to 6 cards
• 33% took study loans
• 28.9% took housing loans
• 15% took personal loans
Thus, this survey clearly shows how financial behaviours and financial habits of Malaysians in general that needs to be improved.
Read More : http://MyFinance.com.my/articles/detail/8712914073
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