People nowadays cannot survive without money. Money is used to get access to basic and luxury things in life. Barter trade system was used before the currency system to elk out a living. The barter trade system entailed the exchange of goods for goods. The whites for an example exchanged jewelry items for animal skins with the blacks. There are many problems associated with the barter trade system as compared to the currency system. Barter trade system made people to tire much through journey on foot. Traders were usually at risk of attacks from wild animals. The the harsh weather made traders be prone to diseases such as flu and skin infections. Technology led into the introduction of the currency system. The currency system involves the use of man-made money to do business. Money in the currency system is made by use of metal and notes. Coins are normally lower in value when compared to notes. The currency system does not need traders to move from one place to another for profit gain.
It has been noted for the currency system to be easy and convenient to apply as compared to the barter trade system. There are now financial institutions through the currency system. The role of financial institutions is to aid individuals financially. Mortgages for an instance are gotten from financial institutions. There are known to exist both the public and private financial institutions. Public financial institutions are usually governed by the authority while private financial institutions by an individual or group of individuals. There are also credit cards and debit cards through the currency system. Credit cards and debit cards are plastic and metallic cards used in money transaction purposes. It is known for transaction cards to be very easy to use and carry at all time. It is known for credit cards to be safer than debit cards. It is possible for individuals with credit cards to claim for the stolen or lost items as opposed to debit card users.
The use of credit cards is gaining popularity in the current world. There are several categories of credit cards. It is good to apply for the correct credit card of your choice. It should be your aim to value some things when applying for a credit card. You should first do a research to get the right credit card of your choice. It should be your goal to first consider the amount of interest rate charged by the giver of the credit card. You should qualify for a credit score when applying for a credit card. You should also research on the benefits of a credit card through offers before applying it.