The reason why some members of the society are stuck in this “mouse trap ” this globalised world; banks and credit system . Overusage , not having control over the individual expenditure will indeed lead to falling in the debt trap . The agencies , money suppliers should firstly get a background check before giving them the power of money .
I strongly agree with the given statement . In this essay , i iwll mention certain reasons to support my views .
To begin with , losing control . Credit cards have , bascially give allowances to spend in a month then one has to pay back . In addition to this , society memebers take advantage og the fact and are lost in spending on “materialistic items” that have no effect on them afterwards . I strongly opine on this fact as i have seen or daily see people outside paying for stuff like smartphones and televisiion that will anyhow be outdated in just few months . To take an example we can take a look on the credit list circulated by the most famous bank , American Express. It only offers to people who are exclusive , premium . This policy of banks to get a background check is the need of the hour .
Another reason to support my point of view , is trust . By generating what the bank calls “credit report ” any individual will know can he/she are authorized for a credit card . Furthermore , I as a student was denied to have a credit credit card of the bank ICICI., Although my parents provide me with the necessary amount yet i am not earning money so credit report wont be generated .
To sum up as money should be given to everyone to buy whatever they want , yet it should be in control , it is better to follow rules and regulations as per the norms of our society