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?

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An important issue today is related to the accumulation of a large
number
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of debts. A commonly held belief is that in order for those bills to be paid, individuals should not be let to borrow a lot of financial resources easily. In
this
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essay, I am going to elaborate on the given topic and show my approval for
this
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thesis.
To begin
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with, there are a large
number
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of negligent people who use their credit cards without thinking about the possibility of repayment.
For example
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, a person who is not aware of the consequences of using some form of financial help is certain to accumulate huge loans which are difficult to be paid back.
Therefore
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, in order for
this
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to be prevented, bank clerks should not let citizens with not practical knowledge in the
money
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sphere borrow resources.
On the other hand
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, those who have gathered a sufficient amount of financial education do not experience problems with loan accumulation.
For instance
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, individuals with large companies utilize their finances wisely by investing in their businesses .
This
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demonstrates to us that not everyone should be limited in their right to withdraw
money
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.
Nevertheless
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, in general, people do not have any financial education. A great solution will be to include basic budget management in the school curriculum because
this
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will teach children to gain some knowledge which will reduce the
number
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of prospective debts. In conclusion, I firmly believe that it should be made difficult for normal citizens without any business educational background to borrow a large
number
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of
money
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resources. Even though there are some entrepreneurs who understand the power of managing
money
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matters, the majority has little to no comprehension in the field.

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Topic Vocabulary:
  • financial literacy
  • credit cards
  • loans
  • debts
  • mental health
  • well-being
  • stringent checks
  • balances
  • repaying
  • reckless spending
  • living beyond one's means
  • financial destabilization
  • regulations
  • cap (verb)
  • income
  • financial commitments
  • mandatory financial education
  • financial decisions
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