Online Credit Card Applications: A Blessing or a Curse |
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The Internet has changed so many aspects of our lives. Many of us today can do so much more through our computers and the World Wide Web then we would have ever dreamed of 10-15 years ago. Today, we can study, shop and work right from the comfort of our own homes. All we need is a computer with a high speed Internet connection. This futuristic Phenomenon has now broken through to the world of personal finance. Today it is possible to apply for loans and credit cards directly with the bank, online. In many cases you get an instant decision as well. This is a definite plus in the eyes of many. However, there are those financial advisers that wonder if online credit card applications are such a great idea. In this article will look at that question and try to decide of online credit card applications are indeed a blessing, or a curse. Critics of online credit card applications claim that it makes access to credit too easy. 15-20 years ago the criterion for giving credit was very strict. People with incredibly high salaries were usually the only ones with credit cards. Today the policies have relaxed with both good and bad results. Nearly everyone today can get credit even those that should not have it. Some claim online credit card applications are a sign that the criterion is slipping even further. With access given to everyone and instant decisions being made, some argue proper credit checks are not being done leading to more debt being given to the wrong people. This could spell disaster for some whose financial situations are already spiraling out of control. With personal debts increasing year by year, and the amount of debt defaults increasing, some could argue that online credit card applications are not the best of ideas. Sir Isaac Newton said that for every action, there is an equal and opposite reaction. Although he was referring to physics, the same can be applied in this argument. For everyone who criticizes the online credit cards applications, there is someone who thinks they are the greatest thing since sliced bread. Those who are in favor of these applications love the ease and convenience at which you can fill them in. you no longer have to deal with fiddly buts of paper and mail them in. you can fill it out in your own home and most of the time get a decision in minutes. Those in favor also claim that for every person that gets into debt trouble, there are plenty that can manage their finances well. Why should they have to suffer for those that are unable to control their bank balances. In answering the question, are online credit card applications a blessing or a curse? one could say they are indeed both. There is no doubt of there ease and convenience. They also make it possible to compare other cards and see who is offering the best deal. However, they could be making it too easy for some to get into debt trouble. The easy access and instant decisions can help to put credit into the wrong hands. |
