As long as a credit card is used responsibly and there are strict rules on credit card companies on gouging consumers I think that they can be a good thing, a credit card allows a consumer to be able to purchase items they could never save enough to purchase entirely in cash.
It is my opinion that credit cards are good for consumers because they allow for the purchasing of essential goods when the consumer does not necessarily have the funds to purchase such goods. It falls on the consumer to use his or her credit card wisely, and to know whether or not they can afford to pay off a purchase in the proper amount of time.
Credit cards are excellent for consumers because they help build strong credit history. But things can turn wrong if an individual cannot manage their own credit issues. Most people who use credit cards cannot manage therefore they get themselves into debt. But the meaning of credit cards are only for credit history building.
Credit cards are the worst thing that can happen to a consumer. The ability to make a purchase without any real time consequence can lead to bad decisions about purchases. Consumers will often buy things with a credit card that they would never think about buying with cash. Credit cards seem like a fantasy purchase.
Revolving lines of credit is bad for consumers because the interest rates are high. Paying off credit card debt is nearly impossible once it starts. Interest payments alone can go towards things such as food, car payments, house payments and the like. Money that goes towards credit cards can be better utilized in a savings account where you earn interest rather than pay interest.