Nowadays It Is Easy To Apply For And Be Given A Credit Card IELTS Writing Task 2

These cards, in my opinion, are incredibly useful for someone in need, so the benefits clearly outweigh the drawbacks. With relevant examples, the essay will cover both sides of a proposition before coming to a reasonable conclusion. To begin with, the banking industry in every nation invented the word "credit card" to assist individuals with additional funds. The fact that the bank issues one after investigating the applicant's credit history. And also financial stability as it indicates that the applicant is qualified to repay the debt. Additionally, it assists us in managing our finances and paying our payments while the user is unable to work when we urgently need money due to an emergency. For instance, if someone has an injury in Australia and doesn't have any money to cover their rent or other expenses, they use it. On the other hand, some people believe that paying off debt is a big deal, but that depends on how they use it. However, many who use their cards excessively without understanding why struggle to pay them back. Even though we are aware that having too much of anything is bad, having too much of a good thing can be detrimental to someone's credit history. A person's financial profile may suffer if they don't make the payment, for example, some banks offer a period of payback. As a result, I believe that credit cards have more benefits than drawbacks. They are an essential component of banking that helps people during difficult times, thus people's use of them reflects how they have an impact on their lives.

Using credit cards allows you to borrow money with the option to pay it back over time in installments or with interest. People might get assistance from this facility in pricey or emergency situations. For instance, people frequently use credit cards to pay for their pricey vacations. Due to the fact that it is acceptable everywhere, people can spend more money on their requirements. Economic growth is also facilitated by it. There are also simple methods, including internet transactions, for making timely payments of debt. In order to make account repayment easier, several banks offer their own credit cards; nonetheless, payments must be made on time. Credit cards do, however, come with some limitations. The fact that it promotes spending more money than one actually has is one issue. Furthermore, the majority of these lenders of credit charge excessive interest rates for debt. Another problem is that if debtors don't pay back the principal and interest, the sum may increase until it puts them in serious financial trouble. As can be seen from the newspaper, some people even lost their homes due to their inability to pay off debt. Additionally, banks have lost a sizable chunk of money through credit cards due to failed repayments, which would hurt the entire economy. Credit cards have some advantages, but they may also have detrimental effects on people's lives and economies. Therefore, the benefits of credit cards outweigh the disadvantages. And as a result, several countries are moving away from using paper money in favour of credit cards.

Initially, carrying a credit card is simple and carries a low risk of robbery and pickpocketing. A credit card's security features make it nearly impossible for a burglar to steal and use someone else's credit card. Carrying a lot of money is unsafe, on the other hand. In this aspect, hassle-free transactions are now feasible thanks to plastic money, often known as credit cards. Second, by their very nature, credit cards enable users to borrow money from the bank and make store purchases of necessities. From this angle, it gives people a lot of economic independence. Due to the ease of using an online credit card, internet shopping and e-commerce have flourished. Only because of the invention of the credit card and online payment are many tiny web stores able to operate and receive payments promptly. Due to the credit card, a store owner is no longer only doing local business; now, he receives clients from all over the world. Finally, the credit card enables banks to mobilise funds, which is a critical component of a nation's economic development. You can fully understand the significance of credit cards in the global economy by considering the millions of transactions that take place every hour. Especially those done by using credit cards and their impact on money mobilisation. The bottom line is that while every technology has its drawbacks, that does not always make it bad. People should use credit cards more sparingly when spending money they have to pay back. And bank authorities should impose tight guidelines before issuing them. In contrast to the negative effects, which are easily manageable, credit cards have many benefits that make our lives easier.