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What are the advantages and disadvantages of plastic money based on experiences of people?
Wiki User
∙ 10y ago
Plastic money (credit cards, debit cards, etc.)
Advantages:
- You don't have to carry cash.
- You can have your job's check directly deposited into the bank.
- You can buy what you want without having the money right then to buy the item as long as you do not go over the card's limit.
- In unexpected financial emergencies, cards can be used to pay for what you need.
- Wise use is beneficial to your credit report.
Disadvantages:
- They encourage overspending
- You can get in too much debt, leading to filing bankruptcy.
- Cards often have extra or hidden fees and high interest rates.
- Using Credit and Debit Cards puts you at higher risk of identity theft than using cash.
- Cards might be lost.
Wiki User
∙ 10y ago
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