WRITING TASK 2
You should spend about 40 minutes on this task.
Present a written argument or case to an educated reader with no specialist knowledge.
Write about the following topic:
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 are your opinions on this?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Sample Answer:
In today’s consumer-driven society, it is not uncommon for individuals to rely on credit cards and loans to finance their lifestyles. However, the ease of access to credit has led to a growing number of people accumulating significant personal debts that they may struggle to repay. As such, there is a valid argument for making it more difficult for individuals to borrow large sums of money.
One of the main reasons for imposing stricter borrowing regulations is to protect individuals from falling into a cycle of debt that they cannot escape from. With easy access to credit, many people are tempted to live beyond their means, leading to financial strain and stress. By making it more difficult for individuals to borrow large amounts of money, it could potentially prevent them from accumulating unmanageable debts and encourage more responsible financial behavior.
Moreover, imposing stricter borrowing regulations could also help to safeguard the overall economy. When individuals are unable to repay their debts, it can have a ripple effect on financial institutions and the economy as a whole. This was evident during the global financial crisis, where excessive lending and borrowing led to a collapse in the housing market and widespread economic turmoil. By making it more challenging for individuals to borrow large sums of money, it could mitigate the risk of another financial crisis.
However, it is important to consider the potential drawbacks of making it more difficult for individuals to borrow money. Some individuals may genuinely need to borrow large sums for significant life events such as purchasing a home or funding education. Imposing stricter borrowing regulations could hinder their ability to achieve these milestones and limit their opportunities for financial advancement.
In conclusion, while there are valid reasons for making it more difficult for individuals to borrow large sums of money, it is essential to strike a balance between protecting individuals from unmanageable debts and allowing them to access credit when necessary. Ultimately, a nuanced approach that considers the individual’s financial circumstances and the potential impact on the economy is crucial in addressing this issue.
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