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

this

modern era, there are many options available to pay

bills

such

as

credit

cards

and

loans

. Sometimes

people

are unable to pay their invoices. So, the government should make strict laws or rules to give

loans

and

credit

cards

to individuals. I personally agree with

this

statement.

This

essay will discuss my viewpoints in the following paragraphs.

To begin

with, there is a number of arguments in

this

favour.

Firstly

, many

people

take a large number of

loans

without having a solid plan.

As a result

,

this

takes into a debt.

For instance

, a survey conducted by

hnfc

Correct your spelling

NFC

HFC

bank found that 60% of

people

are in debt because they lost their jobs and have no

second

option to pay their

bills

.

Consequently

, they are unable to pay their

bills

and attempt suicide.

Furthermore

,

people

are becoming materialistic. They use

credit

cards

to fulfil their materialistic needs and want to make status in society.

For instance

, one of my friends has a

credit

card and he uses

this

card only for purchasing his clothes, shoes and accessories.

Moreover

, he is unemployed. His parents pay his

bills

. Sometimes they failed to pay and it makes them in debt. Which is

then

difficult to pay.

Therefore

, it is the responsibility of higher authorities to know the purpose of taking

loans

and make some strict rules to take

loans

. To conclude, in my opinion,

credit

cards

and

loans

should not be provided to everybody. It should be provided to those who have some sources of income.