Using a credit card wisely can be really helpful, but for some folks, it can lead to significant financial trouble. Today, we’re going to discuss certain types of people who should steer clear of credit cards. If you identify with any of these groups, it’s best to hold off on getting a credit card, as it could lead to serious losses.
If you tend to shop impulsively or find yourself making repeated purchases, a credit card might pull you into a cycle of debt. You could end up getting a new card every time you hit your limit, and that can lead to mounting interest, making it tough to pay off what you owe.
If you struggle to pay your EMI, loans, or even your mobile bill on time, chances are you might miss your credit card payment too. This could result in late fees and high interest charges piling up each month. Plus, your CIBIL score could take a hit, making it harder to secure loans in the future.
If you’re already juggling a home loan, personal loan, or other financial obligations, adding credit card expenses can make things even tougher. This could lead to challenges in managing the EMIs for your existing loans, and taking on more debt could worsen your financial situation.
Thinking you can manage a credit card by only making the minimum payment could be a costly error. This approach allows interest to pile up on the remaining balance, causing your debt to grow significantly. For instance, a balance of just Rs 10,000 could balloon to Rs 15,000 in just six months if you follow this strategy.
If your job situation or income is unpredictable and you don’t receive a consistent paycheck each month, it’s wise to steer clear of credit cards. Failing to pay your bill on time can lead to mounting debt, potentially putting you in a financial bind that could jeopardize your future plans.
Sweta Mitra
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...
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