With their simplicity of use and handy pay-back options, credit cards have become an integral part of our lives. A credit card's discounts, incentives, and bargains are unrivalled by any other financial product and promise a jackpot for the intelligent user. On the other hand, credit cards can become debt traps if not handled wisely or if you spend more than you can repay when the bill arrives. The most significant benefit of a credit card is the ease of obtaining credit. Credit cards operate on a deferred payment system, which means you can use your card now and pay for your purchases later. However, there are some negatives to using credit cards, including hefty interest rates. If you do not pay your bills by the due date, the amount is carried forward, and interest is levied. And it can become a massive amount if the interest is not paid on time, resulting in a huge problem for borrowers to repay the loans.