Debt has both negative and positive aspects. If debt is not used wisely, it can be a cause colossal headache and sometimes it can even ruin you. Critics of debts resemble finances approved to small countries as debt from powerful countries to new version of colonialism. When country with small economic capacity fail to repay the debts, an indirect control of lending country prevails there. Consumer debs and public debts contribute to maximum in spreading economic colonialism.
A branch of economics called credit economics denounces the basic existence of debts. They reason that debt is a nuisance per se and should not come between any contemplation of business deals. Since this branch of economics deals with the fundamental necessities of human beings like hygienic air, meal, and water, these sorts of calculation is only natural.
As stated earlier, if debts are used with planning they can prove to be boon too. Debt money can create hope for future, employment for present, and a bunch of effective workforce for social prosperity. That’s why many banks today encourage entrepreneurs to take loans at affordable repayment rates.
Religious standpoints have always been against the whole concept of debt. According to Islamic tenets debt is malicious and usury earned from the debt is sin. Islam believes in the acts of benevolence to needy and any act troubling less fortunate is considered defiance to God’s wishes. The Christian philosophy regards debts as a practice of forgetting God. And for this very reason it preaches to stay away from debts and high interests.
The feminine movement is too against the debts. They consider debts a replica of patriarchal thrall. History is full of evidences as to how women had to repay her debts by selling her body and admitting slavery to men. They see debts provide by banks with skeptical specs, as these loans encourage women to perform under the male dominated workplace.
Thus, there are a host of opinions on the topic whether debts are good or bad. However, if utilized smartly, debt money can prove panacea to many problems.
Written by Shirley Brown
