Answer :
Banks often promote credit cards as a financial safeguard, but they can actually be an unhealthy money lifeline if used improperly.
While credit cards can provide convenience and rewards, they can also lead to overspending and high levels of debt if not used responsibly. Credit card companies make money by charging high interest rates on balances that are not paid in full each month, so carrying a balance can quickly become expensive.
It's important for individuals to use credit cards wisely by only charging what they can afford to pay off each month and avoiding unnecessary interest charges and fees.
While credit cards can provide short-term assistance with unexpected expenses or emergencies, relying on them for day-to-day purchases or living beyond your means can lead to high interest rates, debt accumulation, and ultimately, financial instability.
It's important to use credit cards responsibly and within your means to avoid long-term negative consequences.
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