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

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, which is usually the first choice of many

people

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around the world. From my perspective,

this

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is a good sign for both

humans'

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humans

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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

people

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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

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is that the number of

people

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buying services on

credit

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is increasing rapidly.

For example

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, VNVC, one of the biggest vaccination

centers

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centres

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in Vietnam, allows its customers to buy vaccines and pay the whole cost in at most a year.

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,

due to

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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

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helps

people

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’s lives better with

a

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apply

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flexible payment, but it is

also

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a risky decision, pushing anyone in big trouble into owing a lot of money.

Apart from

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this

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, another aspect is that

credit

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drives economic growth, in which purchasing power becomes the key point. Realizing the benefits of

credit

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, customers prefer to split the costs and pay for goods and services later. It may give rise to a number of

people

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choosing

credit

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instead

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of paying in full, even when they can afford to do that.

For instance

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, beyond all expectations, the GDP of Vietnam was worth billions of US dollars in 2022

due to

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the fact that Vietnamese prefer to buy services on

credit

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, encouraging many companies to make profits.

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, 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

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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

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so that they not only take advantage of paying on

credit

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but

also

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impose controls on its hidden consequences.