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Borrowing Money Essay

619 words - 2 pages

Essay March 19, 2014When one borrows money from another, trouble can often find its way to either the lender or the borrower. It can never be in one's best interest to borrow money from someone because it might end up in a catastrophe. Money has been something the human race has been fascinated by for years, and wars have been fought for this pointless reason. People borrow from others because money can either aid a person in their existence or leave them famished in the street. However, once the money is borrowed, every penny must be returned to fulfill the debt.To begin with, the first reason one should not borrow money from others is because they will end up paying more than what they should have. So, they will end up losing more money than only borrowing. The reason why this is so is because most loans come with interest which means an additional amount is charged to the borrowed money. One can borrow from anywhere or anything, but in return one has to pay the lender back with even more cash. In order to borrow money one must have even more money since it is the price one pays to loan money.Next, another reason not to borrow money from others is that one is not able to pay back the loan then a penalty is enforced where income taxes are raised 10% in addition to the debt if one is under the age of 65.9. If one quits from their current job, the money is expected to be fully paid immediately. Also, if a better opportunity comes along for a better job, one would have to let that chance pass. In addition, one loses their financial cushion when they borrow money because if a hardship comes along in the...

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