demonica
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November 01, 2023, 12:15:58 AM |
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For me, it still depends. There are people out there who can maximize the benefits of using credit cards. And I think they're the smart ones. Not all people who uses cash instead of cc are financially literate but for me it's the other way around. But not all people who uses cc are smart with using it. Credit is power, if you know how to properly use it. But if you're just using your credit card to buy the things you want without really thinking if you can pay for it, then you're just making yourself to be buried in debt. There are a lots of perks and benefits when using credit cards. And as long as you pay on time, have a good credit history, and can maintain a good status, then you're using your credit card properly.
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Gallar
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November 01, 2023, 03:17:09 AM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? It can be said to be right and it can also be said to be wrong. Because, the problem of having a credit card and only using cash for shopping, has different perspectives from various groups of society. If seen from the perspective of someone who has very abundant economic conditions and wealth, perhaps not using a credit card and only using cash for shopping could be said to be an act of financial literacy. However, if you look at it from the perspective of people who have middle to lower economic conditions, they will probably choose cash for shopping and not use a credit card, because most likely they cannot afford to have a credit card and only have one option, namely using cash. Therefore, financial literacy regarding the use of credit cards or cash is more likely to be used by rich people. Because rich people have a choice (credit or cash), while people in middle and lower economic conditions have no other option but to use cash. Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments. ~Snip
I personally also agree with this opinion. Because using a credit card sometimes makes spending more difficult to control, because you feel like there is a lot of money and it will never end. In fact, a credit card system uses bank money for shopping and in the end the money has to be paid. So in essence it is better to use cash than to use a credit card. Because using a credit card = borrowing money.
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naira
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November 01, 2023, 05:07:51 AM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments.
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
For almost 5 years I no longer have a credit card because in my opinion having a credit card is 1:1 (between needing it and not needing it). The reason is, the cash I hold is always adjusted to my basic needs and I invest the rest. My view on credit cards is quite simple, I don't like the interest charged every month/year. Moreover, showing financial status is something I always avoid. I don't really need praise from other people just because I have a lot of money in the ATM, for me the important thing is that my personal pleasure is enough, because you could say I like everything covered. And a pattern like this makes me feel free, not having any demands outside of my needs and the principle of upholding the freedom of life.
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slapper
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November 01, 2023, 05:28:02 AM |
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For me, it still depends. There are people out there who can maximize the benefits of using credit cards. And I think they're the smart ones. Not all people who uses cash instead of cc are financially literate but for me it's the other way around. But not all people who uses cc are smart with using it. Credit is power, if you know how to properly use it. But if you're just using your credit card to buy the things you want without really thinking if you can pay for it, then you're just making yourself to be buried in debt. There are a lots of perks and benefits when using credit cards. And as long as you pay on time, have a good credit history, and can maintain a good status, then you're using your credit card properly.
They're not just pieces of plastic; they're tools, powerful tools. Using any tool depends on how you utilize it. Absolutely, credit is power. Modern economic and personal finance power. But enormous power comes with... responsibilities. Some wise folks maximize credit card benefits. They pay on time and receive perks, cashback, and miles. Always on time. That's smart. It's financial literacy. However, I've seen people swipe without thinking. They purchase, buy, buy, and get deep into debt. Nothing wonderful about it. Credit cards offer rewards and advantages. They're not free. You must be incredibly smart. Keep your credit score high by paying on time. You're utilizing credit cards correctly if you can accomplish that. The sensible way. This is how you win personal finance
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lixer
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November 01, 2023, 05:42:49 AM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments.
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
I believe it's all about discipline within the nature of a person and it isn't about using cash or credit cards for you to have or don't have debt. There can be people who might be indebted even after using cash because they basically lack financial management skills and they don't know how they should use their money so that it fulfills all their needs and they don't require more money before they get paid again, and similarly, there can be people who might be debt-free even when using credit cards because they know their spending limit and they wouldn't cross that. However, I do agree with the fact that when a person knows that they can use more money than they actually own, this might be tempting when they want to make a certain purchase but they don't have enough money for that but they can buy it using a credit card but in return become indebted to the bank.
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davis196
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November 01, 2023, 11:46:54 AM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments.
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
I've seen multiple studies and surveys stating that the people, who are paying with cash are more financially responsible. It all depends of how you are using the credit card. If you are paying the credit card debt on time I don't see any problem with using credit cards instead of cash. I also agree that credit cards can make the people financially irresponsible, because the process of spending money becomes easier and carefree. All the cashback programs exist for a reason. The banks want more people to get hooked into credit card debt, which means more money for the banks.
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xSkylarx
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November 01, 2023, 01:23:29 PM |
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Owning a credit card is tempting you to buy those things even you cant afford it in cash. I know there is nothing wrong with it but you will tend to buy useless things. I am living in a country where if you have a credit card you are in the middle class to the rich and most of what I've heard is that they have a credit card for credit score because of discounts and take out big loans but for me it is still better paying in cash mostly if I want to buy stuff and not tempted to buy it using a credit card.
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vv181
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November 01, 2023, 01:28:43 PM |
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There are many pitfalls concerning credit card. Without a doubt that credit card consumption affects physiological state of the owner. It makes them more likely to spend money, impulsive buying, generally they tend to spend money compared with cash usages. The feeling itself of giving away a direct cash versus getting the bill of the bought goods next month is different. That is one of many reason of the pitfalls.
Hence it does not necessarily make its user is financially literates. On the other hand, if the user using CC properly, maximising points, bonus, promo, and managing or handling their own cashflow, surely those are good way to utilize the credit card. With that in mind, we can see clearly the behavior that shows financial literacy.
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DabsPoorVersion
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November 01, 2023, 02:17:07 PM |
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Owning a credit card is tempting you to buy those things even you cant afford it in cash. I know there is nothing wrong with it but you will tend to buy useless things. I am living in a country where if you have a credit card you are in the middle class to the rich and most of what I've heard is that they have a credit card for credit score because of discounts and take out big loans but for me it is still better paying in cash mostly if I want to buy stuff and not tempted to buy it using a credit card.
Actually, that's the good part of using credit cards. Aside from having to continue to have a good credit score (only if you are a good payor), taking a big loan for your needs like furniture for your house, or even for your business, everything will be easy as long as it's within your credit limit. Most of the time, the bank itself will call you to offer a loan with a small interest rate, no documents needed, and can approved within a few days. Unlike if you take a personal loan directly from the bank, you need to have collateral or a lot of documents needed to submit. Using a credit card doesn't mean you can purchase outside your budget. Of course, you still have to control yourself and manage your expenses. If you have the money to pay for your credit card bill, pay it as soon as you can. It's better as you can also enjoy the benefits in the long run.
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CODE200
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November 01, 2023, 02:35:46 PM |
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For me, it still depends. There are people out there who can maximize the benefits of using credit cards. And I think they're the smart ones. Not all people who uses cash instead of cc are financially literate but for me it's the other way around. But not all people who uses cc are smart with using it. Credit is power, if you know how to properly use it. But if you're just using your credit card to buy the things you want without really thinking if you can pay for it, then you're just making yourself to be buried in debt. There are a lots of perks and benefits when using credit cards. And as long as you pay on time, have a good credit history, and can maintain a good status, then you're using your credit card properly.
I totally agree on this. I think it always depends on the person, and I don't think that whether you're using a cash, or a credit card would have an effect on you. But personally, I think using credit card is so much better than using cash because you're clearly demonstrating financial literacy for it is a manifestation that you are saving money on your bank. I think it is also convenient to use credit card instead of cash. But if you are aware that sometimes you cannot control yourself in being a compulsive buyer, then I think it's better for you to lean towards using cash instead of credit card. Because oftentimes, big spenders are using credit cards because it is an easier payment method and a more flexible way of paying.
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boty
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November 01, 2023, 03:35:36 PM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments.
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
I've seen multiple studies and surveys stating that the people, who are paying with cash are more financially responsible. It all depends of how you are using the credit card. If you are paying the credit card debt on time I don't see any problem with using credit cards instead of cash. I also agree that credit cards can make the people financially irresponsible, because the process of spending money becomes easier and carefree. All the cashback programs exist for a reason. The banks want more people to get hooked into credit card debt, which means more money for the banks. If we use a credit card just to fulfill our desires, of course this will be very bad because we will use it uncontrollably and this will have a bad impact on our financial condition, and also the income we have will easily run out to pay the installments the credit card we use. Your statement is correct, any cashback program from credit cards will not be profitable for credit card users and we will be trapped in debt if we use credit cards a lot.
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BitcoinTurk
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November 01, 2023, 03:51:35 PM |
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Unfortunately, the use of credit cards can negatively affect a person financially if he or she does so without self-control and control over his or her spendings. When I first had a credit card, I started to make many of my expenses using my credit card and unfortunately it caused me to have some financial difficulties because it had a higher limit than my salary. Afterwards, I started to control myself and my expenses and turned the situation into an advantage since it had the Turkish Lira currency.
Nowadays, since I live in a European country and get paid my salary in Euros, I make some of my expenses with my credit card and pay them in installments. In this way, I pay installments in Turkish Lira and protect myself against inflation due to the constant depreciation of the Turkish Lira and I purchase many products below my cost despite the interest paid.
In summary, it is possible to turn credit card use into an advantage with correct use but if it is not used correctly credit card use can cause a huge financial chaos or collapse.
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Mate2237
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November 01, 2023, 04:44:56 PM |
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Op I must say the truth, you topic is not found in the content though I understand what you are saying but I was expecting the main concept as a question in the thread but it is the opposite side that I seen in the thread and that is why when creating thread make sure we should stay on the topic so that the discussion will be very interesting.
From the topic and not the content I will say yes. It shows financial literacy and I am saying it from personal experienced and a neighbour experience. A woman who is not educated prefer going to the bank and withdraw cash and use it and I can't remember when last I visited the bank since after the redesign of the currency. Those who are not educated can not use credit card without helping hands. And that is dangerous to the security of the account. My neighbor who is a illiterate, was using credit card and POS attendance used the card to withdraw big amount of money whenever she is not around. If she was an literate she wouldn't show her pin to anyone. And because of this scenario I am saying that it shows financial literacy.
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DeathAngel
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November 01, 2023, 05:03:12 PM |
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Avoiding using a credit card for purchases is definitely responsible financial behaviour but it doesn't necessarily indicate financial literacy on its own. Financial literacy required a wide range of knowledge & skills like budgeting, saving, investing & understanding financial concepts. Avoiding credit card usage can help prevent debt, being financially literate involves understanding how to manage credit effectively, build a good credit history & make good financial decisions based on your individual circumstances & goals.
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Haunebu
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November 01, 2023, 05:08:03 PM |
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Interesting topic op. I don't think that using credit card reflects financial literacy though it is a fact that people who use credit cards more often than cash tend to end up in debt way quicker.
Personally, I use a bit of everything though my primary usage is digital cash and I don't really take loans unless absolutely necessary.
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karabiber
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November 01, 2023, 06:52:32 PM |
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In my opinion the owning of credit card tend to cause overly excessive consumerism, with credit card it allows you to think for later which means saving up problem for later which might cause financial instability. although we know owning credit card definitely requires certain qualification but I still think that it really don't contribute much to our lives unless we could use it for productive purposes like making business where we can hold off payment until end of the month then only at that scenario it will be useful. I personally would never use credit card because it might make me more consumtive than just using cash, at least with cash i have sense of guilty by wasting money, with credit card, sometime you just don't feel it and suddenly at the end of the month, the bill pop up.
Credit cards are used almost everywhere today. Since credit card usage is related to many issues, it varies on an individual basis. Credit card usage in developed countries is not higher than in undeveloped countries. There may be many reasons for this but I think it is disadvantageous not to use a credit card in a country with inflation that has captured the whole world in recent years. Because most underdeveloped countries are struggling with inflation and in an environment of high inflation, you can postpone your spending with credit cards. I think a credit card used wisely is one of the effective solutions to the cost of living. If a credit card user is financially literate, a credit card is a shining jewel but a credit card in the hands of a person with poor financial literacy is like a dangerous weapon. I exempt from my comments on the use of credit cards those who want and prioritize anonymity.
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Bushdark
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November 01, 2023, 08:08:47 PM |
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Do you believe that someone who exclusively uses cash for their purchases rather than credit cards is demonstrating financial literacy? Many argue that people tend to be financially reckless when using credit cards, often forgetting that it involves borrowing money. In various Netflix TV shows depicting individuals in debt seeking advice from financial advisors, the most consistent suggestions for getting out of debt are usually to cut up their credit cards and transition to making cash payments.
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
Sometimes we spend more when we use credit card to buy things online because we might always be tempted to go for something that would even cost us more than what we can afford on a regular basis. We need to make plans and have a scale of preference when we want to buy things online becau6we might not even know when we have spent money we have budgeted for other things because iof careless use if credit card when shopping online. I would reather prefer the use if cash when. Shopping because this makes me to regulate and adjust my spending when shopping at any time.
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Renampun
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November 01, 2023, 08:16:49 PM |
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...
Individuals who avoid using credit cards tend to have a higher probability of being debt-free, showcasing financial discipline, and experiencing greater satisfaction compared to those reliant on credit cards. What are your thoughts on this stance?
In general, I don't agree with this because I have an older cousin who has actively used a credit card for almost 10 years, he has a stable job and the monthly salary he receives is deducted by credit card payments every month, because he actively uses a credit card, he get a gift from the bank that provides the credit card he uses. whether you are a credit card user or not a credit card user, if you are able to manage your debts - investments - savings wisely then you already have high financial literacy.
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DVlog
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November 01, 2023, 08:24:28 PM |
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For me, it still depends. There are people out there who can maximize the benefits of using credit cards. And I think they're the smart ones. Not all people who uses cash instead of cc are financially literate but for me it's the other way around. But not all people who uses cc are smart with using it. Credit is power, if you know how to properly use it. But if you're just using your credit card to buy the things you want without really thinking if you can pay for it, then you're just making yourself to be buried in debt. There are a lots of perks and benefits when using credit cards. And as long as you pay on time, have a good credit history, and can maintain a good status, then you're using your credit card properly.
Use of technology doesn't mean you are well educated in that sector. We are using bitcoin that uses blockchain technology which means all the investors are well aware of all the technical terms bitcoin has! This doesn't make sense. However credit cards are a technological advancement and if you show an illiterate person how to use them, he can use a credit card like others. It is not that hard to understand and doesn't require a degree.
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dothebeats
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November 01, 2023, 08:40:25 PM |
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Owning a credit card is tempting you to buy those things even you cant afford it in cash. I know there is nothing wrong with it but you will tend to buy useless things. I am living in a country where if you have a credit card you are in the middle class to the rich and most of what I've heard is that they have a credit card for credit score because of discounts and take out big loans but for me it is still better paying in cash mostly if I want to buy stuff and not tempted to buy it using a credit card.
Fixing your credit score to take out big loans is actually a hint of one being financially sound. You are aiming for that loan because you might use it to something beneficial e.g. starting a business, buying a home, etc. The mere fact that you are responsible enough to be on track with your debts, plus having a clear financial goal means you understand what you're doing. Even the lower middle class people can do this, provided that they are really tight on their budget and are strictly following the needs > wants ideology. It takes strict compliance and obedience to one's plan to be financially literate. It's just discipline with a direction at the end of the day.
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