Credit Cards: Financial Freedom or Debt Trap?

2 min readApr 15, 2024
Photo by on Unsplash

Today’s economy is more than ever driven by consumer behavior. Within that realm, credit cards have become ubiquitous.

As convenient and rewarding as credit cards may be, and as much as they seem to magnify our buying power, are they indeed the road to Financial Freedom? Does Freedom yank us into the cycle of Debt?

Credit cards are convenient and flexible. They allow us to purchase without carry-on cash, no matter where we go. Their incorporated rewards and perks, like cashback and airline miles, make credit cards attractive to everyone.

Responsible Credit card use helps us build a positive credit history, which is critical to obtaining bank loans and mortgages in the future. It does indeed serve as an emergency fund source if unexpected expenses arise.

Despite apparent concessions associated with credit cards, these pieces of plastic can also serve as a debt trap for the naive and irresponsible. From high interest and fees to minimum payments, impulse spending to debt accumulation, all are what major credit card businesses attract.

Our Lack of comprehension about interest rates, grace periods, and credit scores contributes to our debt woes. In other words, our relationship with credit cards reflects our financial habits and discipline in life.




In this vast tapestry of existence, I weave my thoughts and observations about all facets of life, offering a perspective that is uniquely my own.