Yes, credit cards are somewhat harmful. With credit cards, people are able to purchase things today that they actually do not have the money for. Some people may look at this at as a benefit, but in actuality, it is somewhat harmful. Credit cards can often lead people into debt.
I do believe that borrowing money, unless done for a specific reason such as buying a home or investing in a business, is harmful. If you can't afford a luxury now, then you should wait. People see credit cards as just another bill they have to pay, when it's really a tax on luxury.
If you think about the credit card industry when you might pay for something on credit it might be 145.00, if you miss that payment month after month it ends up costing 10x the amount it originally was. So if you don't use the credit card you can end up saving money by not paying higher interest rates. Instead take some money and put that money into a savings account and watch it grow and then you can buy it outright and save the interest payments you would have paid otherwise.
Other than that, they are just not worth the interest you have to pay on them. If anyone has ever racked up a certain amount of debt on a credit card know they can take forever to pay off. You can only have a couple of thousand dollars of debt and it can take 10 to 12 years to pay off if you can only afford to pay so much. You end up paying nearly twice as much as you borrowed.
This proposition makes a generalization about easy access to credits and it therefore goes that if CCs are inherently harmful, then the only solution is its abolition. The harmful nature of CC depends on how prudent it is managed. Most examples cited against CCs are the exception rather than the norm.
Credit cards can be lifesavers. So, it is more accurate to
say that credit cards can be dangerous than to say they are harmful. People can
do themselves great harm with credit cards, but the same is true of automobiles,
romances, and good food. It is wrong to blame the credit card company because
some people’s spending habits are harmful to their credit.