Disadvantages of Credit Cards

Credit cards are known to be life savior but at the same time, it can put you in trouble and that will leads to mental illness. You may heard of advantages of Credit Cards, but do you know it has much more disadvantages at the same time. Here are the Top 5 Drawbacks / Disadvantages of Credit Cards.

disadvantages of credit cards

#1. High Interest charge

The first major disadvantage that a Credit Card has is, High Interest charge. Many companies charge 20% of interest for any transaction. This is very high as for the middle class family or person.

#2. It makes you to spend more

You might have realized that when you have credit cards in your pocket, you will spend money without any urgency or reason. And thus the monthly bill gives you mini heart attack.

#3. Risk of Lost/Stole

If you lost your credit card, then you are again into trouble as long as you blocked it. Any one can use your credit card without any additional security.

#4. Unpaid balance

Yes you may forgot to pay your bills or might don’t have the amount at the billing time and this is the worse condition you will ever face. The more days you take to complete the bill, the more they charge the penalty. And many people facing this issue.

#5. Credit Card Frauds

Even if you have your credit card with you, your information are into risk. Your credit card information can easily be with the scammers. Many online scammers are doing these illegal things.

These are the Top 5 Disadvantages of Credit Cards you must aware of.

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