It has become very common for people to borrow money. Most people have a credit card ,a mortgage and often they buy a car on credit card Al's well. Is this a good idea or is it too risky? Discuss both the views and give your opinion.

It is quite evident that nowadays people are often shopping more expensive things,
eventhough
Suggestion
even though
they
donot
Suggestion
do not
have a enough money. These are purchased by
different way
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different ways
the different way
like
credit
cards,
mortage
a conditional conveyance of property as security for the repayment of a loan
mortgage
and many others.
Although
this
idea
regarding purchasing on
credit
has a good
idea
, risks are
also
not negligible. So,
this
essay will be examined both the views in forthcoming paragraphs.
To begin
with, buying things on
credit
is
very good
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a very good idea
idea
. In
this
modern era,
credit
card companies provide an opportunity to their clients who want to buy various essential things though they
donot
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do not
have sufficient bank balance.
Therefore
, it is a very good opportunity for middle class people who
are most suffering
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are suffering most
from the situation regarding insufficient funds during their shopping time.
For instance
,
majority
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the majority
a majority
of people completed their dreams regarding purchasing their own car, after introducing the
credit
card facility.
Thus
, buying products on
credit
is a good
idea
for people who
dont
do not
don't
have
full amount
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the full amount
of money at shopping time. Indeed, purchasing things on
credit
is not only having good
impacts but
Accept comma addition
impacts, but
also
it has various negative impacts too. On the contradictory approach, the major risk of
credit
is losing the ownership of products.
Similarly
, if customers are
failed
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failing
to pay the
installments
a payment of part of a debt; usually paid at regular intervals
instalments
instalments'
of total
credit
amount
then
credit card company
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the credit card company
take
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takes
their product and
also
sometimes company
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sometimes a company
puts their product on sale.
As a result
of
this
, people will loose their products.
This
same situation occurred on "home-buyer", because due to lack of fund, buyer had
choosen
one who is the object of choice; who is given preference
chosen
choosing
to purchase
home
Suggestion
a home
on
credit
. After that, when they failed to pay
installments
a payment of part of a debt; usually paid at regular intervals
instalments
on time again and
again
Accept comma addition
again, then
then
finally
,
company
Suggestion
the company
a company
sealed their home and they
loose
fail to keep or to maintain; cease to have, either physically or in an abstract sense
lose
their home ownership. In conclusion, after analysing the both views, I am
inclining
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inclined
towards the lateral view regarding
risk
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the risk
of
credit
because purchasing on
credit
will have
chance
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the chance
a chance
to loose our product.
Thus
, it is quite obvious that "how much you have, that much you buy".
Submitted by Dhruv on

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Topic Vocabulary:
  • compelled
  • strategic financial decision
  • investing
  • property
  • cash flow
  • rewards programs
  • debt trap
  • servicing debt
  • exacerbate
  • financial strain
  • cycle of debt
  • personal responsibility
  • financial literacy
  • informed decisions
  • excessive borrowing
  • ill-informed borrowing
  • financial planning
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