In this day and age, borrowing money has become a common practice due to its multitudes of potential and benefits. While some maintain that using credit cards or taking out a mortgage in order to fulfil one’s desires can be risky and unorthodox, others reject this notion, believing that this practice opens the window for a myriad of opportunities and enables better life satisfaction. This essay will delve into both sides of the argument and present my standpoint.
On the one side, those against borrowing money argue that this practice can lead into a sense of ease when purchasing goods, accumulated debt and an inability to deal with emergency situations. Indeed, it is irrefutable that people are more inclined to overbuy in the presence of a credit card, as everything can be easily paid off with a magical card swipe. Moreover, lowered awareness of one’s fortune can lead to one’s reduced caution, thus borrowing money far greater than their affordability. More importantly, as loans are oftentimes distributed with interests, debts can accumulate exponentially, further nullify one’s ability to pay off them. Consequently, they would inexorably fall into a cycle of working exhaustedly and repaying rapid-growing loans. Last but not least, those in too much debt would be in futility should they be laid off or fall sick. The risks are just too prominent.
On the other hand, proponents of this practice are of the notion that it enables immunity to fraudulences and better life satisfaction. First and foremost, as credit cards are systematic and operated by large, trustworthy and reputable banks that record transaction history, users can always retrace their purchases and require a refund should they discover a defective purchase. Secondly, for example, it is entirely justifiable for young adolescents to take out a mortgage on affording a living space, which would otherwise be impossible to attain with their savings alone. This practice hence allows individuals to live comfortably, which contributes to enhanced work efficiency and living quality. Personally, loans are always useful to take, but uses of it must undergo careful consideration due to the potential risks it poses. Ultimately, one should only borrow money for absolute necessities or dire situations.
In conclusion, while purchasing goods on credit holds a plethora of unprecedented shortcomings, its advantages are undeniable, namely immunity to fraudulences and escalated life satisfaction. Ultimately, each individual should only borrow money to some extent, so as to achieve otherwise unattainable life milestones, while being financially secure and mitigate the repercussions of such practices.