It has become very common for individuals to take up money. Most people have a credit card, a hypothecation and often they are able to purchase a car on credit as well.
On the one side of the coin, society most often borrow money in emergencies. For instance, if someone has an accident and needs urgent surgery, then this person’s loved ones put in their money and borrow from everyone they can. After that, they thank the people who lent them money and return the entire amount and even more for their help in an emergency.
On the other side of the coin, people should understand that buying things on credit is very risky because of the percentage with which a certain amount will be paid. People need to take into consideration that they need to make a purchase for the amount that they are able to pay every month. To illustrate, buying a car for 35,000 manats at 10% means that every month this person will need to pay 3,500 manats, if the down payment is not taken into account.
In my point of view, people need to borrow money from reliable individuals who can wait for them to pay back money in unpleasant cases. For example, my friend borrowed money for textbooks and promised to return it in 10 days, but he could not because he was hospitalized due to a fight. He was lucky that the person from whom he borrowed money was his close friend and he waited until he could pay this amount.
To recapitulate, people should take into consideration that borrowing money is risky and it is a big responsibility and they should think of all viable solutions to get out of difficult situations.