Negative and positive about borrowing.

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Borrowing

Borrowing is bad.Bad because you might not be able to pay pack the money however it costs more than you asked for in the first place .The good things about borrowing is that you might need to pay for a medicen or need to buy you and your family food so you could go to the bank and ask for some money .The bad thing is that you will need your money to pay your bills.The good thing is that if you dont borrow you wont have to pay it back.Another thing is that if you need it for any emergancey you can call the bank and tell them you need your money immidiatley.If you dont want to do it that way you can call your trusted friend to lend you some money from him/her.

Comments (8)

  • Evelyn-Street-logo-250x250.jpg placid_meerkat | Evelyn Street Primary School A
    06 Dec 2018

    Well if you can't afford it then you would pay it back over the years. Or months because you could say you lent £50 you could each month pay £10 then you would only have to pay for that amount of money you borrowed.

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    1. Morley-Newlands-logo-250x250.jpg lucky_trumpet | Morley Newlands Academy
      placid_meerkat's comment 11 Dec 2018

      Yes but what if you have £5 and no more money

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      1. Evelyn-Street-logo-250x250.jpg placid_meerkat | Evelyn Street Primary School A
        lucky_trumpet's comment 11 Dec 2018

        If you have no money then you will either :
        -Be homeless
        -Have no job
        - Lost their job
        -Been kicked out of their home with no money
        -The banks have no money so they can't pay them.
        That is my reasoning and if they can't afford it then that's the banks fault for not properly making sure they are in a stable job/bank statement.

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        1. Tiff-Avatar.jpg Tiff @ the BNC
          placid_meerkat's comment 12 Dec 2018

          Hi placid_meerkat,

          You've given an extreme list here. Actually if someone doesn't have enough money they may not fall into this list.

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  • St-Barnabas-logo-250x250.jpg elated_parrot | St Barnabas C of E Primary School
    07 Dec 2018

    I reckon the positive effect of borrowing is what you can do with the money. You can use it for whatever you want as long as you can pay it back. Another thing is you can pay it back monthly or even weekly.The negative is that people don't or can't pay it back meaning the banks run out of money.
    In conclusion borrowing is good but only if you can pay it back afterwards. For example, borrowing is good if you work hard and get more money to pay it back monthly. Bad because if you cannot get more money to pay it off.

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  • Portobello-logo-250x250.jpg honorable_penguin | Portobello High School
    10 Dec 2018

    We reckon that one of the biggest positives are that borrowing a little bit of money could be a really, really big start for a business or buying something but the negative is if you keep borrowing money and u can’t pay it back it just keeps stacking up bills which is hard if you don’t have a lot of money and that’s the reason you are borrowing money in the first place, Another negative is that you may get kicked out of your house for not paying back the bills! Overall we think that it is a great way to start a business but not so great if u can’t pay it back.

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    1. Olivia-Avatar.jpg Olivia @ the BNC
      honorable_penguin's comment 10 Dec 2018

      Excellent reasoning! Well done for evaluating borrowing. What kind of rules would ensure that only the responsible people could be lent money in the first instance?

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      1. Morley-Newlands-logo-250x250.jpg lucky_trumpet | Morley Newlands Academy
        Olivia @ the BNC's comment 11 Dec 2018

        They should sign a form/letter to make sure that they will pay it back.

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