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Credit card can be risky instrument for those who cannot control the urge of splurging money. While Credit Cards have become extremely important in not just carrying financial transactions, but building a strong credit history, they also can cause turmoil in your financial life if you are irresponsible in using it. Here are the major risks associated with using credit cards and tips on containing those risks.
Click on the link to know more about the risk of using credit cards and how to avoid them: https://kirtibhargav.substack.com/p/know-the-risks-of-using-credit-card
Overspending: Credit card can be risky instrument for those who cannot control the urge of splurging money. The easy availability of credit not only reduces the sting of making payment, it also stimulates their desire to buy or consume more. Their exciting reward points, discounts and cashback offers also entice many to do unnecessary expenditures. As a result, many end up in spending more than they can afford to repay.