It has become very common for people to borrow money . Most of people have a credit card a mortgage and often they will buy a car on credit as well . Is this goid idea or is it too risky? Discuss both views and give your opinion.

Borrowing money from another
person
has become a common thing. In todays generation
this
asking nature has been developed more. People holding a
credit
card
or have a mortgage often tend to purchase
car
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a car
even on
credit
given.
This
essay will shed light on the positive part of doing
this
,
also
will discuss the risk associated with it. At the
end I
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end, I
will give my view on
this
situation. To commence with, use of a
credit
card
to buy something has some merits.
Firstly
, a
person
who is in a need of buying their daily necessary item, and do not
money
a quantifier that can be used with count nouns and is often preceded by 'as' or 'too' or 'so' or 'that'; amounting to a large but indefinite number
many
can use
credit
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a credit card
credit cards
card
to buy the product and pay later on.
For instance
, for a newly employed
person
buying home
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buying, home
would be
a
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an
arduous
task but
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task, but
with the help of
credit
card
he/she can afford to satisfy the basic need. By
this
way one can live a comfortable life.
In addition
, some
credit
card
company
provide
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provides
0% interest rate on the borrowed amount.
This
can give somewhat
relief
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a relief
to
customer
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customers
a customer
the customer
who will to shop something. Buying daily necessary product during
such
offer period is a good idea though. On the other side, certain type of risks
are
Suggestion
is also associated
also
associated with overbuying which is discussed. The
credit
card
companied are offering lucrative discounts as a reason the vulnerable people tend to buy
unnecessary item
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unnecessary items
an unnecessary item
. Due to
such
nature the debt of that
person
may augment. If the buyer
have
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has
no control on his spending the rising debt may someday cause financial anxiety, may commit crime or think to give-up life.
For example
, research by one of the leading
organization
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organizations
of
world
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the world
shows that 21% committed
sucide
the act of killing yourself
suicide
rate is due to their unbearable liability amount.
Thus
,
overshopping
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over shopping
may land a
person
to
critical situation
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a critical situation
critical situations
. To conclude, buying the important item through a
credit
card
is
acceptable but
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acceptable, but
one should know how to have control over
this
. While, risk linked with
this
is less if it is used wisely.

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Topic Vocabulary:
  • Financial stability
  • Debt management
  • Interest rates
  • Creditworthiness
  • Loan repayment
  • Economic impact
  • Fiscal responsibility
  • Consumer behavior
  • Asset acquisition
  • Credit cycle
  • Default risk
  • Liquidity
  • Financial planning
  • Credit limit
  • Down payment
  • Income-to-debt ratio
  • Repossession
  • Amortization
  • Secured/unsecured loan
  • Investment
  • Compulsive spending
  • Insolvency
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