People today are able to take out loans from the bank or get a credit card very easily. What are the advantages and disadvantages of this practice?

"

Money

Use synonyms

makes the world go round" so goes the old adage. In order to be at par with the increments in goods and services in

this

Linking Words

day and age, people need to have sufficient funds laying in their accounts.

However

Linking Words

,

that is

Linking Words

not the case with everyone as many earn more than they can spend.

As a result

Linking Words

, many have acquired

credit

Use synonyms

cards or loans to resolve certain demands.

This

Linking Words

essay will tackle both the advantages and disadvantages of taking

this

Linking Words

route. Two reasons are advantages that make many people want to get a

credit

Use synonyms

card

Use synonyms

or

loan

Use synonyms

.

Firstly

Linking Words

, due to the increment in the standard of living around the world, many people can not manage to buy the needed items using just

money

Use synonyms

earned from a single source of income.

Therefore

Linking Words

, when

one

Use synonyms

gets a

credit

Use synonyms

card

Use synonyms

or

loan

Use synonyms

, he is able to care for all his needs without a problem. To illustrate, a

person

Use synonyms

who earns $20 in a city whose standard of living requires an individual to earn at least $60, he can manage that by acquiring a

loan

Use synonyms

or

credit

Use synonyms

card

Use synonyms

. The

second

Linking Words

reason linked to the

first

Linking Words

is that when times of need arises during an emergency, having a

credit

Use synonyms

card

Use synonyms

or

loan

Use synonyms

makes it easy for

one

Use synonyms

to attend to the problem with ease.

For instance

Linking Words

, if

one

Use synonyms

gets sick and medical bills that should be settled in more than he can pay,

then

Linking Words

the

credit

Use synonyms

card

Use synonyms

or

loan

Use synonyms

comes in handy.

On the other hand

Linking Words

, a

loan

Use synonyms

or

credit

Use synonyms

card

Use synonyms

comes with some disadvantages as will be discussed.

Firstly

Linking Words

, the

money

Use synonyms

a

person

Use synonyms

gets through these means has to be paid back to the bank either wholly or partly.

For example

Linking Words

, when a

person

Use synonyms

borrows $67 he will be required to pay back the debit monthly which will mean having regular deductions from his meagre salary

hence

Linking Words

further

Linking Words

financial burdens.

Lastly

Linking Words

, the resulting debit

one

Use synonyms

bears from the

credit

Use synonyms

card

Use synonyms

or

loan

Use synonyms

will be higher than the original amount

initially

Linking Words

borrowed. Take,

for example

Linking Words

, if a

person

Use synonyms

gets a

loan

Use synonyms

of $50 ,he will have to pay back with interest an amount of not less than $90 which

further

Linking Words

forces him to get more

credit

Use synonyms

cards or loans. In

this

Linking Words

way,

one

Use synonyms

lives a life of slavery till he pays back the full amount

initially

Linking Words

borrowed from the

money

Use synonyms

lending institutions. In conclusion, having a

credit

Use synonyms

card

Use synonyms

or acquiring a

loan

Use synonyms

has both the benefits and the undesirable effects that

one

Use synonyms

needs to weigh in advance. With that said, each individual should work hard to make ends meet in life.