Many people are using credits 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 opinion on this.

Recent global events have resulted in the price increase of several basic commodities making a ripple effect in many aspects of the economy making “living within your means” quite difficult for the majority of society. To adapt to the growing prices,

people

have turned to using

credit

cards or loaning sizable money that will eventually bury them in debt. Applying for loans or

credit

cards has been very accessible to the community and unknowing of the charges that come with borrowing hefty amounts of funds,

people

tend to continuously borrow without considering the consequences.

While

some use these commodities for purchasing necessities, most

credit

card users utilize them for leisure and pleasure purposes, meaning these

people

are trying to live outside of their means.

For example

, two adults apply for a loan, one uses it to buy basic needs

such

as food because his wage has been delayed

while

the other uses it for travel. One is able to pay once he gets his salary

while

the other lives lavishly and carelessly and is unable to pay.

This

careless person

then

accumulates surcharges because of late fees and earns interest

then

eventually leaves himself in debt.

Therefore

, banks and other firms should make it more difficult to loan substantial amounts of money. They should require more qualifications from applicants and

also

do background checks so they can check if the applicant is able to pay in the future.

Credit

cards or loans have helped many

people

by lending them to purchase their wants or needs. And

although

there are multiple benefits, the consequences of paying should still be the priority of lendees when applying for these loans.  In conclusion, both the lender and the person borrowing still have responsibilities that need checking.