How Does Credit Card Affect The Lives Of And Ordinary Citizen?

How many credit cards do you have in your wallet and does it make you feels good having one? Credit card is good for rich people they can afford it, but too bad for ordinary ones who does not know how to use it wisely.

I am talking particularly here in my country how does an ordinary citizen suffers the bad side of credit card. Credit card is accessible for everyone, like a medicine that one can buy over the counter. Credit card company agents roaming around where most people go and malls are the best place for a captured market.

Some acquired their credit card from emails and after filling out form, the next day a credit card arrives at their doorsteps without any background investigation whether the applicant is giving true information or not. So how credit card does affects the life of an ordinary citizen here in our country?

An ordinary employee receives salary a minimum wage of 15,000 pesos per month (US$350 more or less). Such wage can avail a credit limit of 30,000-100,000 pesos (US$697-2,325 more or less). Imagine if an ordinary employee reached the credit

limit of 100,000 (US$2,325) plus the interest. Credit card is good for emergency cases, but most people once they get hold of it starts to shop, purchase unnecessary things and too late to realized they have spent too much. To avoid the interests to ballooned, of course one start paying the initial amount by borrowing money from friends, relatives or other lending agencies. There starts the whirlwind trouble hidden behind these credit cards.

Why is a credit card a burden instead of giving emergency reinforcement? An ordinary employee receiving a 15,000 pesos (US$350) rents a house costs 3,000 pesos, electric bill costing 1,000 pesos, water bill costs 150 pesos and transportation of 1,500 pesos a total of 5,650 pesos for monthly bills. How much left for food allowance, education expenses for 2-3 kids, clothing and medical expenses? What do you think credit card can give to an ordinary citizen with minimum wage in this country? These credit card companies and banks are not actually helping the ordinary people, but making their life miserable.



6-02-2012 5:30am Saturday PT 

Article Written By juny

Last updated on 02-05-2016 48 0

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