Beyond any shred of doubt, with the advancements in technology, mode of paying and receiving money has totally altered. In the contemporary epoch, people give much preference to credit cards, debit cards and to other plastic money more than papernotes or coins due to which plastic cards gain popularity. This crumb of writing will discuss the merits as well as demerits of the trend. Apparently, there are several benefits of using plastic money. The prominent one is that they can be easily used. In other words, individuals need money in every field of their life and also nowadays majority of them opt for shopping or to purchase expensive products due to which they require large amount of cash in their pockets, however, it is not possible always. Hence, credit cards can be used over there because in these people have their savings. Moreover, one can easily purchase expensive items such as luxury cars, mobile phones and other things by using plastic money. To be more specific, in these cards banks do not put any limit on using money and also they provide various loans to people. To cite an epitome, if patrons want to buy car of nearly 18 lakhs but they are not present with enough money, then on credit cards bank give loans to them and they can easily purchase that in a single go. As a result, it becomes very easy to use money, how much they want. However, there are various drawbacks of this development. The predominant one is the wastage of money. To explain it, as banks provide loans to people owing to which they do not put any limit or restriction on the use of money and many of them even buy needless objects just to show their superiority which ultimately leads to wastage of money. To add on, presently, crime rates are increasing and there are more chances that plastic cards may gets stealed by someone as it is just a small card and can be easily robbed rather than papernotes. Along with this, people May misuse these plastic replacements. Last but not least, if everyone will use these types of cards then banknotes will remain untouched but there production continues which will effect our resources because paper money is made from cotton. Also, sometimes machines May not work due to which credit cards cannot be used and one have to face difficulty at that time. In conclusion, there are enormous pros of practising this approach like these can be easily used but cons cannot be neglected.
Beyond any shred of doubt, with the advancements in technology, mode of paying and receiving
money
has
totally
altered. In the contemporary epoch,
people
give much preference to
credit
cards
, debit
cards
and to other
plastic
money
more than
papernotes
or coins due to which
plastic
cards
gain popularity. This crumb of writing will discuss the merits
as well
as demerits of the trend.
Apparently
, there are several benefits of using
plastic
money
. The prominent one is that they can be
easily
used
.
In other words
, individuals need
money
in every field of their life and
also
nowadays
majority of
them opt for shopping or to
purchase
expensive products due to which they require large amount of cash in their pockets,
however
, it is not possible
always
.
Hence
,
credit
cards
can be
used
over there
because
in these
people
have their savings.
Moreover
, one can
easily
purchase
expensive items such as luxury cars, mobile phones and other things by using
plastic
money
. To be more specific, in these
cards
banks do not put any limit on using
money
and
also
they provide various loans to
people
. To cite an epitome, if patrons want to
buy
car of
nearly
18 lakhs
but
they are not present with
enough
money
, then on
credit
cards
bank give loans to
them and
they can
easily
purchase
that in a single go.
As a result
, it becomes
very
easy to
use
money
, how much they want.
However
, there are various drawbacks of this development. The predominant one is the wastage of
money
. To
explain
it, as banks provide loans to
people
owing to which they do not put any limit or restriction on the
use
of
money
and
many
of them even
buy
needless objects
just
to
show
their superiority which
ultimately
leads to wastage of
money
. To
add
on,
presently
, crime rates are increasing and there are more chances that
plastic
cards
may
gets
stealed
by someone as it is
just
a
small
card
and can be
easily
robbed
rather
than
papernotes
. Along with this,
people
May
misuse
these
plastic
replacements. Last
but
not least, if everyone will
use
these types of
cards
then banknotes will remain untouched
but
there production continues which will
effect
our resources
because
paper
money
is made
from cotton.
Also
,
sometimes
machines May not work due to which
credit
cards
cannot be
used
and one
have to
face difficulty at that time.
In conclusion
, there are enormous pros of
practising
this approach like these can be
easily
used
but
cons cannot
be neglected
.