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 examples from your own knowledge and experience. You should write at least 250 words.

It is true that many
people
have financial hardships
as a result
of their inability to pay off a sizable amount of debt in the previous year. Some
people
think that
banks
should tighten the guidelines for large loan approvals. I don't agree with these opinions personally.
Firstly
, there will be a black market occurs if
banks
make it difficult for individuals to lend
money
. In reality, some individuals will borrow
money
directly from illegal parties; these parties typically set a very
high interest
Add a hyphen
high-interest
show examples
rate and approve the applicants easily. As the maturity date approached, the borrowers who were unable to pay due to the
high interest
Add a hyphen
high-interest
show examples
rate had doubled the total repayment amount.
Consequently
,
third
parties will consistently interfere with the borrower's life, and in the worst-case scenario, they might cause the persecution of family members, which creates more social issues.
On the other hand
, making it more difficult to borrow
money
could significantly reduce the number of
people
who go bankrupt.
This
is because, for those who do not meet the requirements,
banks
should not easily approve their loans. To
further
illustrate,
banks
should check the applicant's background details closely in order to make sure the person has the ability to pay off their loans. The bank should
also
limit an individual's credit card quota based on their income level.
Hence
,
people
should be able to clear their loans by the end of the maturity date without any issues. In conclusion, I do not believe that
banks
should make it more difficult for individuals to lend large sums of
money
, as
this
will only cause more
people
to suffer and may result in more uncertain social problems.
Submitted by hong2016600 on

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