Debts Loans and credit cards

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There are number of factors which can cause our society getting into debts. Financial companies such as banks and credit card companies have used clever marketing ideas to make it easy for people to get credit. We live in a free market society and this means that it will always be hard for the government to control the spending and borrowing money. Most of our society find it easy to apply for credit card or loan, however not everyone is able to pay it back. There are number of people who have got no limits on spending the money, whereas it’s important or not. For example- purchasing the stuff, they don’t necessary need, therefore if we will carry on getting into more debts- our country will bankrupt.

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There’s a lot of ways in which debt can be regulated. The companies that lend money should be more responsible for people getting into debt. They should consider the salary of the person wanting to borrow money and give them a maximum amount for a certain number of years. This would reduce the likelihood of someone borrowing more money than they can repay and therefore this would reduce the number of people in debt. People who are already in debt should not apply for any other loans or credit cards, as if they do, probably they will not be able ...

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