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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 in financial hardship due to their irresponsible use of credit cards. Therefore, banks and other financial institutes should not issue credit cards unless they are completely sure of an individual’s ability to pay back their debts. To what extent do you agree or disagree?

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, credit cards have become an essential financial tool for many individuals. However, the misuse of credit cards has led to financial hardship for numerous people. In light of this, the question of whether banks and other financial institutes should issue credit cards only to those who can prove their ability to repay their debts is a complex and contentious issue.

On the one hand, it is undeniable that irresponsible use of credit cards can lead to a cycle of debt that is difficult to break. Many individuals fall into the trap of overspending and accumulating high-interest debt, which can quickly spiral out of control. In such cases, it is clear that banks and financial institutions should take greater responsibility in assessing an individual’s ability to manage credit before issuing a credit card. This could involve a more thorough evaluation of an individual’s income, expenses, and existing debts to ensure that they are not taking on more credit than they can reasonably afford to repay.

On the other hand, it is important to recognize that credit cards can also be a valuable financial tool when used responsibly. They provide convenience, security, and can even help build a positive credit history when managed effectively. By denying credit cards to individuals based on a narrow assessment of their financial situation, banks and financial institutions could inadvertently exclude many responsible borrowers who are capable of managing credit effectively.

In conclusion, while it is important for banks and financial institutes to take steps to prevent individuals from falling into financial hardship due to irresponsible use of credit cards, a blanket policy of only issuing credit cards to those who can prove their ability to repay their debts may not be the most effective approach. Instead, a more nuanced and individualized assessment of creditworthiness, taking into account a range of factors including income, expenses, and credit history, would be a more balanced and fair approach to ensuring responsible lending.

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