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 the present day, many

people

are tending to use various kinds of banking services

such

as credit cards, saving accounts and loans for different personal purposes. Some

people

believe that government and banking authorities should make it harder for individuals to borrow a huge amount of

money

, and I strongly agree with

this

statement. There are a number of probable arguments in favour of

this

view.

Firstly

many folks borrow a large amount of loan without having a

soild

Correct your spelling

solid

plan.

This

massive personal debt results in increasing their burden.

For Instance

, the statistics represent that 75% of the

people

are unable to repay their debt and most of them lie in the age range of under 35.

Consequently

, these individuals, get depressed and choose to end their lives with suicidal attempts.

In addition

to

this

, these days individuals are more materialistic. They lend

money

for useless things just to satisfy themselves.

For example

, a survey of renowned banks reveals that the majority of

people

apply for

Add an article

a

the

show examples

loan

Fix the agreement mistake

loans

show examples

to spend

money

on unnecessary items. They use the

money

to show off their status.

Therefore

, it is the responsibility of the bank authorities that they should inspect the purpose of the loan. Certain rules and regulations must 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.