Tuesday, 2 April 2019

Paragraph on Saving Vs. Borrowing

Paragraph on Saving Vs. Borrowing

There was a time not long back in India when people preferred to save first and buy later the things they wanted. But with the entry of the multinational companies with vast capital base, a significant change has been brought about in our perception too. Now a person can buy a thing on availing a loan from numerous sources and repay it in installments. It is not that our forefathers did not like to borrow, but they did only to meet urgent or compelling needs, such as marriage of a girl, investment in business, and such other causes. But today loans are available on the drop of a hat, and that too on very low rates of interest. It has aroused the desires of the conventional people too to avail a loan to fulfil their dreams of having a posh house or a car, not to talk of numerous domestic facilities which have more or less become the feature of almost every house including those of rural areas. The moot point is—is it good or bad? It is a matter of individual perception. But one thing is for sure; if the borrower is not at ease to repay the loan, he is for certain going to face the ire of the lenders. So one should, in one’s own interest, take only as much loan as much he can repay within one’s resources. Where a person has to take another loan to pay for the earlier one, There is hardly anything which can prevent his bankruptcy in the days to come.
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