Mazen Abdulrazaq Balilah

Al Madina

 

THEY call you and offer you credit cards, especially during this time when Eid Al-Fitr holiday is around the corner and you are about to buy so many things.



Without thinking, you accept the offer and start suffering from the debt syndrome. By doing so, you have fallen into debt, owing the banks that lured you into the debt hole, that hang over your head for quite a long time.



Yahoo Finance asks a good question: Can you live without a credit card? Our Arabic saying goes like this “Spend what is in your pocket, you will get more from the unknown,” which could also mean “Spend and God will send” fits the credit card situation.



The urge to buy things cannot be resisted sometimes. With a credit card, you can buy a lot of things and pay later when the bills arrive in your mail box.



Debts usually start small, a few hundreds riyals but end in thousands for which you should pay interests and endless fees.



In its study, Yahoo Finance says a person who uses his card a lot focuses on fulfilling immediate desire and personal benefit from buying a commodity while a person who pays cash or by debit card thinks twice before making the decision.



Based on this fact, the study found that those who prefer cash can save 20 percent more than credit card lovers.



Not using a credit card can help you save money and control your purchases. The report says there are some negative aspects when you decide to get rid of all your cards because the financial bodies, similar to the Saudi Credit Bureau (SCB), give you scores if you pay the credit card installments on time and make your record look positive.