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?

Lots of

people

nowadays consume loans or credit cards to get a tremendous quantity of personal debts that make it hard to repay, and for

this

,reason it has to be more intricate for

people

to lend huge sums of

money

.I strongly agree with

this

statement, because it's inefficient for both governments and banks side

as well as

for a person's future business plans and it might lead to bigger problems

such

as sitting in jail or committing suicide

due to

incapability to repay. A significant portion of

money

borrowed by an individual might be inefficient for both sides. First of all,if every single person would lend a considerable amount of source

then

government and banks might face bankruptcy.

For instance

,if 100

people

would borrow 500,000$ per person

then

50,000,000$ is going to be brought from the country's cash. As long as it's not going to be repaid, banks in the first place would close ,because of bankruptcy. But if the laws and some corrections would tighten ,

then

all those problems might disappear.

Secondly

,

people

would often stress out or feel anxiety

due to

the reason that they may not be able to give the

money

back.

Moreover

,they may have thoughts of suicide or fear of ending up in jail.In lots of cases,

people

usually don't have financial literacy -maybe they weren't taught

such

things or haven't run up a business before-.

For example

,in our country ,usually

people

are strained or anxious about how they'll repay.

Also

,

Add an article

the

an

show examples

increasing sum of the percentage of late repayment might lead to more fear.

For

this

reason,it would be better if rules will be regulated to get an immense amount of

money

.

To conclude

,I believe that it is not necessary to lend a substantial number of

money

: it's not efficient and

people

might feel more strain after borrowing