The reason that most individuals are in debt is due to the overuse and irresponsible use of credit cards. Banks should not issue credit cards unless they are completely sure of an individual’s ability to pay back their debts. To what extent do you agree with this?
Careless and irresponsible
use
of credit
cards push
many people into debt
. Some people, therefore
, argue that banks should ensure the customer
’s ability to pay off their debts before issuing credit
cards to
them. I agree with this
view. While I insist that banks should check the credit
history of a person before offering them credit
cards, in my opinion, this
may not always help because the financial stability of a person can change any time. So there is no way banks can fully verify the repayment capacity of the customer
.
Irresponsible use
of credit
cards can push anyone into the debt
trap. Still, the demand for credit
cards continues to increase. People consider credit
cards as a means to improve lifestyles. They borrow more money than they should as the credit
cards are easy to use
and readily acceptable in so many places. Unfortunately, some people cannot pay back the debts and get into huge financial trouble.
Banks usually won’t issue credit
cards if they are not completely satisfied with the finances of the customer
. They always check the credit
history and financial situation of the customer
and also
explain the burdensome consequences that can happen to the customer
if they use
the card irresponsibly. Still, many people use
the card carelessly and get into permanent debt
. So it is unfair to blame the bank alone for the credit
card holder’s mistakes.
Another factor that we need to acknowledge is the unpredictable nature of a person’s financial situation. People can fall ill or lose their job. Both of these are situations that can considerably affect a person’s ability to repay his debt
. In most cases such
situations cannot be predicted and are not in the control of either the bank or the customer
.
To conclude, it is important for the banks to verify the customer
’s ability to pay back debts before giving them credit
cards. Customers also
have a responsibility to control their spending habits to protect themselves from debt
.Submitted by Sometimes people think nowadays the media (TV, newspaper) are less concerned about the accuracy of news than in the past, and the incorrect information may cause more problem to the public? on
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