IELTS Essay Sample Questions # Personal Debts

IELTS Essay Sample Questions # Personal Debts

You should spend 40 minutes on this task.
Many people are using credit cards or loans to run up huge personal debts that they may be unable to repay. It should, therefore, be made more difficult for individuals to borrow large amounts of money.
What is your opinion on this?
You should write at least 250 words.

Sample Answer

In present times, banks have become more than just a place for depositing one’s savings or keeping the valuables. They now offer several other services such as providing loans, issuing credit cards, facilitating alternative investments and financial management etc. This expansion has greatly simplified the life of individuals as it offers the independence to be able to do things at right time, rather than waiting endlessly.

As a result, many people are using credit cards for their day to day transactions and also resorting to loans for fulfilling their other requirements. Although the easy availability of loans and credit cards has simplified life, it also has a darker side. It causes huge personal debts to a lot of people. Hence, it is often argued that banks should change their lending policies, making it more complex for individuals to borrow huge sums of money. I completely agree with this view.

In my opinion, there must be stringent rules on borrowing hefty amounts as personal debts eventually result in a burden and make life difficult. Moreover, easy borrowing also encourages materialism in society by expanding one’s purchasing power. People tend to use their credit cards or personal loans for unnecessary shopping just to satisfy themselves and later feel troubled in repaying the amount. Therefore, the concerned authorities must tighten money lending procedure by revising the terms.

To conclude, I would say that facilities offered by banks are very helpful to people. But, adequate measures are needed to avoid their misuse.

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