Essay on “Describing the Problems of Being in Debt” for Students and Children, Best Essay, Paragraph, Speech for Class 7, 8, 9, 10

Describing the Problems of Being in Debt

Being in debt is one of the heaviest burdens for anyone to carry. The borrower of money owes the lender, no matter how small or large the amount is. In addition, until the debt is paid, the borrower has to drag the burden of being in debt and repaying it.

When my father was young, he bought a house after he got married. He took a loan from the bank to pay for the house. For the next twenty-five years, he had to work hard to repay the loan. My family had to dig deep into whatever savings we had to pay the loan instalments during the period when my father was out of work. My mother had to find a job in a private company to help make ends meet. The days are easier now with my eldest brother and sister working in big firms.

An uncle of mine always borrows money from anyone who would lend him. It is not that he does not work, but somehow he wastes the money by spending it on needless things. The terrible thing is that he almost never repays his debt. Our family has to bear this extra burden.

Once he borrowed thirty thousand rupees from a moneylender and missed the repayments. The loan crooks came looking for him and threatened his life. We again had to dig up whatever we can to pay his loan to prevent adverse consequences. I hope that my uncle has learned his lesson. If this sort of thing should happen again, I doubt that anyone can help him out.

Banks give loans to borrowers to set up their businesses or to buy houses and cars. The government and other bodies give loans to student for higher education. Family members help one another out in times of financial need. Despite various problems of being in debt, borrowing and lending, people enjoy in giving and taking loans.

Therefore, borrowing and lending has become a part of living for many people. The important thing is timely repayment of whatever that is borrowed. Only when repayment is done the problems are over.