Credit Card: a Curse or a Boon?

"Credit Card",two simple words yet very powerful to help you during crisis or emergency, pay your urgent bills and even to ruin you and make you helpless.I think nowadays these three situations are common with almost all the people who own a credit card. From the ancient times human beings have learned the art of customizing anything according to their own need. In the modern times credit card is such a tool. Today credit cards hold different meaning to different people. It is a tool to deal with emergency,a smart device to impress your girlfriend , a way to spend in an unplanned way and finally a tool to make you cry at the end. Though it looks very smart when you open your wallet full of stylish,colorful credit cards for payment of your purchase in a mall or a store,yet many are still unaware of the fact that it has become a global problem.In the US most of the people are facing this problem.specially the student community. The card issuing authorities have acted smartly as they are fully aware of the needs of the students and youths and accordingly made sound marketing strategies to enter the market.But the failure on their part is that they have not mentioned the negative consequences and proper usage methods. This has resulted in unwise usage of credit cards which finally resulted in many suicide cases. The youths often get carried away when they find that with the help of a plastic card ,they can actually buy many things,even if instant cash is not available with them. But they often overlook the fact that spending must be in accordance with the income and ability to pay back the interest. Most of the credit cards charge high interest rates and the students find it difficult to cope up with the situation. I feel that in this global financial crisis,the credit cards played an important role.The banks have issued millions of cards just to gain profit.Their sales strategies were faulty with a poor research. They sold credit cards to practically everyone they wanted,but before that they forgot the fact that how they will recover the money. For example if a bank ,just to maximize its business, issues 100 credit cards worth 2 lakhs of credit limit ,all to the students ,the chances of recovering the debt is very low.I think that it is a crime on the part of the users, as wasteful expenditure is an injustice to the society and this situation is actually creating a crisis and a drift in the society and top of all the financial organizations and the banks are giving indulgence to the matter in order to maximize their profit.