Many people are using credit cards or loans to run up huge personal debts that they may be unable to repay. It should, therefore, be made more difficult for individuals to borrow large amounts of money. What are your opinions on this? Give reasons for your answer and include any relevant example from your knowledge or experience.

In today’s modern world, a lot of individuals are tending to use various kinds of banking services like credit cards, saving accounts and loans for different personal purposes. Some people are of the opinion that government and banking authority should make it harder for individuals to borrow a large amount of

money

and I strongly agree with it. There are a number of plausible arguments in favour of

this

view.

Firstly

, many people borrow a large amount of loan without having a solid plan.

This

huge personal debt r

esults

Suggestion

result

in increasing their burden.

For example

, the statistics represent that 65% of the people are unable to repay their debt and most of them lies in the age range of under 30.

Consequently

, these individuals, depressed out and choose ending their lives by suicidal attempts.

In addition

to

this

, these days individuals are more materialistic. They lend

money

for useless things just to satisfy themselves.

For instance

, a survey of a renowned bank reveals that the majority of the people apply for the loan to spend

money

on unnecessary items. They use

money

to show off and brag about their status.

Therefore

, it is the responsibility of the authorities that they should inspect the purpose of the loan. Certain rules and regulations should be imposed to meet the minimum criteria of the debt. In conclusion, various people get into larger debts by taking extra debts.

Therefore

, banking authorities should tighten the rules in the procedure to avail

money

from the bank, to cope with the situation effectively.