A major concern of using credit cards is abuse and overspending. True or false?
Understand the Problem
The question is asking whether it is true or false that a major concern of using credit cards is abuse and overspending. It seeks to clarify a common issue related to credit card usage.
Answer
True
The final answer is True.
Answer for screen readers
The final answer is True.
More Information
Credit cards often lead to overspending because they don't involve immediate out-of-pocket expenses, which can psychologically minimize the impact of spending money. This, combined with the ease of just 'charging it' without seeing cash leave your hand, often contributes to spending beyond one's means.
Tips
People often overlook how readily available credit can lead to financial stress if not managed carefully. It's important to stay within budget and avoid relying solely on credit.
Sources
- Credit Alert: The Dangers of Overspending and Underpaying - globalyouth.wharton.upenn.edu
- Investopedia on Purchase Financing - investopedia.com
- Does Using a Credit Card Make You Spend More Money? - nerdwallet.com
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