Advantages and Disadvantages of Credit
he understanding of the delayed gratification
Usually, parents try to socialize their children in order to make them able to live within the principles of the actual society and this socialization implies to teach them how to delay gratification. Most of the situations, young children have trouble to understand the notion of "later" while they don't care too much about life issues. While it isn't possible for everyone to always get what he or she want, then the delayed gratification is and important parameter. Children must learn to wait before buy. Credit cards tend to be offered to adolescents and that make them interesting because they just have "learned" the keys to delaying gratification as these adolescents had to learn too. The schism between the gratification theory and the credit card theory creates benefits but also problems to the Singaporean society.
The advantages of credit cards
There are lots of advantages credit cards have. The major advantage of credit cards is that they permit people to make large purchases, such as expensive semester textbooks or those for cars. Also, credit cards can help for emergencies like medical bills caused by accidents. A responsible repayment of credit cards would permit the cardholders to fit into middle class Singaporean life and, the same time to develop quality-spending habits. Additionally, adolescents may develop a basic moral code and stronger ethics while putting face-to-face credit cards and the societal rules for delayed gratification.
When you buy a product using your credit card, you will only be billed for it at the end of the month. You are then given another month to make payment. So if you pay off your total bill, you would have effectively gotten a two-month interest free loan. In addition to that, each purchase you make on your credit card(s) will earn you bonus points which you can use to redeem for free products and services like extra flyer-miles, retail, shopping and dinning vouchers, saving you even more money. At the end of every month, the credit card company will tabulate for you the total expenses for the month, making it easy for you to track your total expenditure. So it becomes a free money management tool. However, you MUST ALWAYS PAY THE OUTSTANDING BALANCE when you pay the full balance every month. This way, the bank does not earn a cent off you, but you get the great wealth building services mentioned above.
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Questions and Answers
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