Regarding youth, it is not good. Generally youth will be
tempted like anything. For good clothes and recognition in
their society and they want some high handedness in their
relatives and family also.
These will give wrong impact on the utility of Credit Card.
Suppose in case of Marriages in their family, they will spend
more. That time they will feel that, we are having job, we can
recover the loan at any time.
In one way it is good thinking. But they will not think about
their monthly expenses, If their income, crosses their monthly
needs, then it is ok, they can be in the position, to repay
at any time.
But their installment is more than their monthly needs, they
will be in the struggle. They should keep in mind, what is the
amount of their monthly needs, then their salary is more than
their monthly needs, then they can be in the postion to pay.
If their income, not able to cross their installment, then
they will be in trouble. Youth has to remember this margin.
If it crosses the time limit of 40 days, their payable interest
is started from the beginning day of withdrawal. That to, that
amount of interest is 3% per month. At the same time, if it is
pending for the next month, some amount, your interest rate will
be compounded on the balance of your amount (including principal
+ interest), so beware of this calculation.
So if you have any credit, it is better to pay in time, as early
as possible in the time limit. If time limit crosses, amount will
be compounded including interest, every month. That is, you should
keep in mind.
These problems are, for normal employees. In case of Doctors and
professionals, it is a good option to them, to utilize the credit
For example in any hospital (own hospital or clinic), if doctor
requires some operation equipment or something, he can utilize
that credit card absolutely.
Because after operation or before operation, he will get 100% of
that amount. So he can recover his, credit amount as early as
possible in weeks time.
So in such situations, doctor cannot seek for funds from outside,
instantly. It is an example only.
For common man, it is better NOT to take credit card; it saves his
life and money. He can live in his level of income with peace of
mind. So people has to remember all these things in mind.
Wishing you all the best,