Loans should have 2 different options. You should use them for consuming (ONLY necessary goods) OR you should be using it to benefit from opportunities given on stocks market, gold market or real estate. If someone is using loans to go holiday etc that's really terrible. Also only banks should be used to take loans. There are loan sharks out that would damage your life permanently if you ever appoint. I know life can be hard to deal with economically but we should all work harder and learn more.
It all depends on the purpose of the loan that we are doing, if the purpose of the loan is to be productive, of course it will be detrimental, but not if the purpose of the loan is for positive things, such as developing a business or starting a business that is believed to provide benefits.
But of course what's burdensome is if there are high interest rates, but I don't think it will have a big effect if we can use the loan for a positive purpose.
And if the purpose of the loan is for things that are not important and you have to pay and the interest, of course it will have a very bad effect on the economy of our life, that is very detrimental.
