It has become very common for people to borrow money. Most people have a credit card, a mortgage and often they will buy car on credit as well. Is this a good idea or is it too risky? Discuss both views and give your own opinion

The question of whether getting loans and credit from financial institutions is risky or saving money to purchase the necessities of living has always been a topic of debate. In the following paragraphs, I will provide my balanced response and the reasons supporting it. These days, some people might not have enough resources to pay the full amount of price. Usually, youngsters do not have sufficient savings to get a shelter or buy an automobile to start a family.

Moreover

, enabling the public to benefit from financial credit options banks provide, would act as a positive point to motivate the young generation in their early life.

Thus

, financial credits and loans play a key role

to increase

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in increasing

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self-efficiency and stability of

financial

Correct article usage

the financial

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status of a society.

On the other hand

, the burden of loans and mortgages can stimulate stress and anxiety in public.

For example

, Individuals with heavy mortgages are not only unconsciously worried about their debt to be settled, but

also

less likely to be able to save their income for their retirement.

Furthermore

, a lack of job security can exacerbate the issue, resulting in bankruptcy and confiscation of possessions. By and large, borrowing money could ruin years of endeavor if is not dealt with carefully.

To conclude

,

while

getting funded from banks might seem financially interesting in

short

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the short

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term, it can have devastating drawbacks in the long term if it is not well-managed.