New research published by the American Forbes magazine confirmed that credit cards may not help you save.
He revealed that 45 percent of credit card holders do not know the costs of their monthly expenses.
The study found that the size of expenses and the moral value of purchases are not clear to credit card users, unlike those who pay in cash.
On the other hand, researchers in the field of psychology at the Massachusetts Institute of Technology revealed that people tend to spend more when using credit cards compared to those who pay cash.
Interest rates go up for consumers who are unable to pay their credit card balance on time.
The researchers explained that focusing on investing in assets and other sectors is more beneficial than relying on credit card points.
In this regard, there is a difference between paying in cash and paying through plastic money (cards), because psychology says that paying in cash is painful even for those with wealth, because the person feels that his money is eroding.
And she went on, on the other hand, when payment is made by credit cards, psychology says that human sensors about the risk of these operations and their impact on the monthly budget or a person’s money are disrupted.
She pointed out that the use of credit cards is a major reason for the accumulation of debts and interest on people in exchange for things they bought that they do not need most of.
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