Nowadays more and more people are buying products and services on credit. Is it good or bad for the society?
Today, there is a tendency to buy things on
credit
, which is usually the first choice of many people
around the world. From my perspective, this
is a good sign for both humans'
living conditions and the financial health of every country.
It is often the case that paying for a service or good at a later time gives Change noun form
humans
people
flexibility in managing their money. Part of the explanation lies in the diverse payment options (monthly, quarterly, or yearly) that the financial company provides for its customers. Perhaps the most obvious result of this
is that the number of people
buying services on credit
is increasing rapidly. For example
, VNVC, one of the biggest vaccination centers
in Vietnam, allows its customers to buy vaccines and pay the whole cost in at most a year. Change the spelling
centres
By contrast
, due to
the negative impact of COVID-19, a majority of Vietnamese workers are facing unemployment, leading them to be deeply in debt. It seems quite clear that credit
helps people
’s lives better with a
flexible payment, but it is Correct article usage
apply
also
a risky decision, pushing anyone in big trouble into owing a lot of money.
Apart from
this
, another aspect is that credit
drives economic growth, in which purchasing power becomes the key point. Realizing the benefits of credit
, customers prefer to split the costs and pay for goods and services later. It may give rise to a number of people
choosing credit
instead
of paying in full, even when they can afford to do that. For instance
, beyond all expectations, the GDP of Vietnam was worth billions of US dollars in 2022 due to
the fact that Vietnamese prefer to buy services on credit
, encouraging many companies to make profits. By contrast
, the purchasing rate is one of the reasons why the debt rate has been higher and uncontrollable, seriously affecting the economy. It makes no difference that credit
is the best way to enforce the development of a country, but sometimes it causes economic recession.
In summary, it is important that the government and citizens measure the benefits and drawbacks of credit
so that they not only take advantage of paying on credit
but also
impose controls on its hidden consequences.Submitted by sinh.ielts on
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