Essay: Credit cards and loans

Topic: 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 individuals to borrow large amount of money.

It is unarguable that nowadays, credit card is becoming more and more popular. Many people use them and some people have to have at least two. However, a lot of people say that “Using credit cards or loans makes lavish private liability that individual cannot pay for, which create more difficulties people to borrow cash from banks” I strongly agree with this argument and in this essay I will show you more detailed about it.

First of all, now people can have a credit card or debit card easily. Most banks usually encourage their customers create new card and it also make individual feel more convenient especially with their shopping. Unfortunately, people often use money, which is bigger than the real money that have. For example, individual who are shopaholics always buy a lot of things, which may force them, have to borrow money from bank so that make their personal debt become larger and unable to pay.

On the other hands, many individuals usually go to bank and ask for borrowing money to set up their business idea. Many recent researches have shown that there is a variety of business idea created by people everyday but most of them do not work effectively in the real situation as the individuals think. In addition, when the bank releases loan for one ineffective personal idea, it makes the number of their unrepay debt increase. Therefore, it is more difficult for people to borrow the large money from bank.

To sum up, using credit cards and loans from bank may not only make you more convenient but also provide an opportunity for your business idea but it also create your private liability become huger. So individual should think carefully and clearly before borrowing money from bank.