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

Nowadays, people can easily acquire any kind of product by taking a loan. Earlier borrowing money was a cumbersome task

however

at present it has become a hassle-free process.

This

helps people in various ways but sometimes it can turn into a burden.

This

essay

discuss

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discusses

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the concept of benefits and risks related to

borrowings

and

further

opines whether it is useful or not.

To begin

with, a person has to maintain

certain

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a certain

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status in the society he lives in. For that, he should have a few basic things

such

as a

four wheeler

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four-wheeler

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, a smartphone, a LED television and much more.

Although

,

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apply

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owning all these is somewhat necessary yet, an individual

do

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does

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not have enough resources. To sort

this

out, borrowing is a legible option. The

installments

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instalments

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of the

borrowings

can be returned from the monthly income over a period of time.

Consequently

,

burden

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the burden

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is not created.

Further

, if a human has to purchase something to carry out an activity

then

he can borrow if he

do

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does

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not have enough funds.

For instance

, due to covid-19 majority of folks had to work from home. Employees who did not

owned

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own

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a laptop or were not provided one from their company had to procure it.

However

, it was not possible for them because of financial constraints.

Nonetheless

, acquiring it by borrowing helped them during that time.

On the contrary

, sometimes the masses take over so much

borrowings

that eventually, they are unable to pay off. They snap up goods

which

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that

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they do not even need

at

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in

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the

first

place.

This

results in

wastage

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the wastage

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of resources as well. In my opinion,

borrowings

should be undertaken to obtain

necessary

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the necessary

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stuff.

Moreover

, the amount required to pay back every month should be kept in mind.

Then

only the risk of going bankrupt can be avoided and

borrowings

can be repaid regularly. To conclude,

borrowings

do facilitate in an exceptional way

however

, to be aware of its cons is necessary. Borrowing according to one self's capacity is a sensible decision.