Credit cards have become a necessity today since they have been so widely used in the past few decades. With credit cards, shopping becomes very convenient as people do not have to bring loads of cash with them everywhere they go. It is aptly termed as plastic money since it enables people to make purchases and even pay their bills.
One major disadvantage of using a credit card is that since it does not closely resemble money and cash is often not involved during its use, people usually lose track of how much money they spend. This practice can lead to an accumulation of credit card debts, and if these debts are not paid on time, credit card holders will have to pay interest rates and late charges on top of the usual monthly minimum charges.