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 the individuals to borrow large amounts of money. What are your opinions on this?

We live in an age when many of us are dependent on

credits

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credit

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cards or other

loans

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to manage our

day to day

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day-to-day

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expenses. Most of the time people would not be able to pay them on time and they indulge in more and more

debts

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.

Moreover

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, it is hard for everyone to get big

credit

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in future. The

folowing

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following

paragraphs discuss whether

using

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to use

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credit

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money or not and reach a reasonable conclusion. First of all, more people do not have enough financial knowledge, they misuse

the

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apply

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credit

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cards and

loans

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to pay their

expense

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expenses

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which

leading

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leads

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to enormous

debts

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.

Furthermore

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, high personal

debts

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can have detrimental effects on mental health and

overall

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well-being, making it challenging for many

individuals

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to lead normal lives.

Additionally

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, with the access

of

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to

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easy money available, no one

think

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thinks

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about the repayment of

credits

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credit

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and they just increase their

spendings

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spending

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and end up paying more

interests

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interest

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and even face low

credit

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score

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scores

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for future borrowings.

Lets

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Let's

Let us

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explore some of the measures which

needs

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need

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to be taken by the

credit

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unions and agencies so they just provide the

credit

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to those who are able to pay back. On top of that, financial institutions should implement stringent checks and balances to ensure that

individuals

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are capable of repaying

loans

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and

credit

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card

debts

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. Regulations can be put in place to cap the amount of

credit

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available to

individuals

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based on their income and existing financial commitments.

Moreover

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, banks and

credit

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agencies should provide them

mandatory

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with mandatory

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financial

educationbefore

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education before

granting large

loans

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which can empower

individuals

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to make better financial decisions.

To conclude

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,

it is clear that

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immediate action is necessary to tackle the issue effectively. Banks and other

credit

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agencies

put

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take

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steps

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step

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steps

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to first educate the

individuals

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and

then

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access

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the

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them

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the

show examples

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to smaller

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smaller

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to smaller

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credit

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available

,

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apply

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if the person

use

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uses

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their rights wisely

then

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they provide them big credits.