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.

It is true that many
people
suffer from financial problems due to being unable to clear a huge amount of
loans
in recent years. Some
people
think that
banks
should tighten the process for large loan approvals. Personally, I disagree with
this
view.
Firstly
, there will be a black market occurs if
banks
make it difficult for individuals to lend
money
. In reality, some individuals will borrow
money
directly from illegal parties; these parties typically set a very
high interest
Add a hyphen
high-interest
show examples
rate and approve the applicants easily. As the maturity date is around the corner, the borrowers were unable to pay the
money
due to the
high interest
Add a hyphen
high-interest
show examples
rate
had
Wrong verb form
having
show examples
doubled the total repayment amount.
Consequently
,
third
parties will consistently interfere with the borrower's life, and in the worst-case scenario, they might cause the persecution of family members, which creates more social issues.
On the other hand
, making it more difficult to borrow
money
could significantly reduce the number of
people
who go bankrupt.
This
is because, for those who do not meet the requirements,
banks
should not easily approve their
loans
. To
further
illustrate,
banks
should check the applicant's background details closely in order to make sure the person has the ability to pay off their
loans
. The bank should
also
limit an individual's credit card quota based on their income level.
Hence
,
people
should be able to clear their
loans
by the end of the maturity date without any issues. In conclusion, I do not believe that
banks
should make it more difficult for individuals to
a massive
Correct the article-noun agreement
massive loans
a massive loan
show examples
loans
, as
this
will only lead
more
Change preposition
to more
show examples
people
suffering in their life and might possibly generate more uncertain social problems.
Submitted by hong2016600 on

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  • for instance
  • to illustrate this
  • to give a clear example
  • such as
  • namely
  • to illustrate
  • take, for example

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You are not ready for IELTS Speaking, if you

  • Can’t speak smoothly without pauses.
  • Use simple words and lack vocabulary.
  • Feel nervous and anxious when speaking.
Topic Vocabulary:
  • financial literacy
  • credit cards
  • loans
  • debts
  • mental health
  • well-being
  • stringent checks
  • balances
  • repaying
  • reckless spending
  • living beyond one's means
  • financial destabilization
  • regulations
  • cap (verb)
  • income
  • financial commitments
  • mandatory financial education
  • financial decisions
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