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

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

.

Moreover

, it is hard for everyone to get big

credit

in future. The

folowing

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following

paragraphs discuss whether

using

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to use

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credit

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

cards and

loans

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

.

Furthermore

, high personal

debts

can have detrimental effects on mental health and

overall

well-being, making it challenging for many

individuals

to lead normal lives.

Additionally

, 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

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

unions and agencies so they just provide the

credit

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

individuals

are capable of repaying

loans

and

credit

card

debts

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

credit

available to

individuals

based on their income and existing financial commitments.

Moreover

, banks and

credit

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

which can empower

individuals

to make better financial decisions.

To conclude

,

it is clear that

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

credit

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

and

then

access

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the

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them

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the

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to smaller

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smaller

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to smaller

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credit

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

they provide them big credits.