In contemporary society, more and more individuals opt to use credit cards and loans because of the numerous benefits that they can receive, often overlooking the possibility of failing into huge debts. Therefore, it is suggested that borrowing a large amount of money should be made more difficult to accomplish. Although this argument has its own gravity, I opine that taking large loans should still be acceptable depending on people’s situations and needs.
To commence with, using credit cards and loans does prove to be beneficial for several reasons. First, loaning money enables many individuals to pay for pivotal things such as costs of colleges, accommodation, cars and so on. In fact, 75% of American undergraduates are utilizing loans to pay for the extravagant price of universities and colleges that can go up to over 50000 dollars, facilitating opportunities for the students to complete their studies and achieve their certification. Notably, more and more people are using these types of payment as they are available everywhere with the use of credit cards, making it more convenient and swift to purchase for their commodities when the individuals are out of money.
On the other hand, the repercussions of using these payments should not be overlooked. Firstly, these loans can accumulate over time and cause people to fall into huge debts which they have to spend a life time to repay for all the borrowed money, leading to a stressful and unhappy life. Additionally, it can negatively affect the individuals’ social status as people are usually concerned from the problems they can get into by helping the people who are in debt, making it harder to achieve things like marriage, commodities and so on.
In conclusion, using credit cards or loaning can definitely be beneficial while also being very risky. Therefore, I opine that borrowing money should be controlled moderately so that it can deter the possibility of individuals suffering from debts caused by these actions.