The reason that most individuals are in debit is due to the overuse as well as irresponsible use of credit cards. Banks should not issue credit cards unless they are completely sure of an individual’s ability to pay back their debits.
To what extent do you agree with this?

Most people lack the ability to manage their finances efficiently and effectively which ultimately results in bankruptcy. People are not aware of the consequences of using their

credit

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cards

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. They blindly use

lines

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of

credit

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to pay out their basic necessities turning into a long bill

at the end

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of the month. I believe that financial institutions shouldn't grant

lines

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of

credit

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to every individual having accounts with them. They should set criteria as to whom they can issue a

credit

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card. I am putting forth my opinion in the following paragraphs.

To begin

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with, the borrowing limit should be set to a minimum for every account holder which can gradually be increased if maintained properly. Doing

this

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will teach holders how to pay off their debts on time and as the borrowing limit is set to a minimum at the initial stage corresponding to a capacity of a holder even if fully utilized they can be in a situation to fully pay off their expenses on

credit

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cards

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.

On the other hand

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, it can save bank funds too.

Secondly

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, if financial settlement issues

credit

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cards

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based on an individual's capacity

then

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inflation can be controlled to some extent as prices of commodities are inflated because buyers have buying abilities

due to

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easy excess of

credit

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cards

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. Individuals buy things that aren't even required of them leading to their inability to pay their loans. In fact, banks should issue more

lines

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of

credit

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to businesses so they can expand

further

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.

To conclude

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, I would say financial institutions should be careful enough to issue new

lines

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of

credit

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to their customers so the money can be utilised in a good direction. No doubt, when a client is unable to pay off their debts banks simply keeps on adding interest over and above minimum monthly payments but there's always a risk of bankruptcy and money laundering.