Whether it’s a loan for a new car or a store card for your favourite clothes shop, it’s never been so easy to obtain goods or services now and pay later. And for some people, this means falling into an endless cycle of debt. But in today’s modern world, is debt just a necessary part of life?
Yes – Antonio
We live in a world where we are expected to get into debt. In fact, it’s impossible for most people to make important purchases without borrowing money. For example, most cars are too expensive for people to buy outright yet we need them to get to work, so taking out a finance agreement or loan is the only way to own a car.
Debt no longer has the stigma it once did. My grandparent’s generation viewed debt as something shameful that had to be avoided but that is no longer the case. Like most of my friends, I have student loans, credit cards and my bank account is usually overdrawn. I don’t see why I should have to go without the things I want when companies make it so easy to borrow money. My friends and I recently went on an expensive holiday to Thailand and I couldn’t afford to pay for it outright – so I just paid on my credit card. The alternative would have been not to go but I believe that life is for living, especially while you’re young – there’s no point putting off exciting experiences until I’m old, life’s too short for that.
My biggest debts are my student loans but I see them as an investment. Getting into debt to pay for my education will hopefully pay dividends at a later date when I can get a good job, earning lots of money. There’s no point worrying about debt – it’s necessary if you want to live in the modern world, plan for the future and enjoy life.
No – Joan
I was brought up to believe that if you want something that you cannot afford then you have to save up for it. Unfortunately, saving up seems to be a concept that most young people are unfamiliar with. Instead, they see something they want and if they don’t have the money, they just take out a loan or pay with a credit card. This approach has created a greedy society where everyone just wants more. People are living beyond their means – buying frivolous, luxury items that they don’t need, just because they can. It may seem fun at first to buy whatever you fancy but eventually debt will catch up with you. You can’t keep borrowing money and think that there won’t be consequences.
It’s easy to get into debt but once you start owing money, the situation can quickly spiral out of control. Companies are quick to lend because they make so much from customers who have to pay interest. But this means that people can find themselves in trouble. Eventually companies – whether they are unscrupulous loan sharks, or trusted banks, will want their money back and when people can’t pay, they can lose everything. I’ve seen people lose their homes, and even their relationships because of debt. Being deep in debt can be a very dark and lonely place – it’s far better to go without things you cannot afford and avoid the misery that debt can cause.
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