Credit Card: Don't get trapped in the EMI trap of credit card! First understand its advantages and disadvantages..

In today's time, many people use credit cards. Now the culture of shopping with credit cards is not limited to cities only, but many people in villages have also started using credit cards. But the question is what are the companies getting out of this and more important is to understand how much benefit and loss are you getting out of it. If you also get caught in the trap of credit card EMI, then be careful from today itself, let us tell you its advantages and disadvantages.

Disadvantages of Credit Card EMI!

From online to offline shopping, many types of offers are available on all credit cards. These offers claim to save you money. You can buy things on EMI on credit card. If you buy any goods on EMI with a credit card, then it can also trap you in the debt trap.

Whenever it comes to buying products on EMI on a credit card, often people buy goods by looking at only one month's EMI. Similarly, they buy many products on EMI and soon EMI starts eating a large part of their salary.

Benefits of Credit Card EMI

The EMI option provides great relief to the credit card holder by breaking down the large bill into smaller amounts to be paid every month. Also, the interest rates on EMI are usually lower than the charges on the outstanding balance when only the minimum balance is paid. That is, the interest rates on EMI are lower than the charges on the outstanding amount.

Apart from this, making a fixed monthly payment makes it very easy to plan finances, and paying EMI on time keeps the credit score good.

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